Cummins Inc. (NYSE:CMI) Shares Acquired by MONECO Advisors LLC

MONECO Advisors LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 2.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,816 shares of the company’s stock after acquiring an additional 39 shares during the period. MONECO Advisors LLC’s holdings in Cummins were worth $633,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. State Street Corp lifted its holdings in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. Fisher Asset Management LLC raised its position in Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares during the period. Pathway Financial Advisers LLC lifted its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. FMR LLC boosted its position in shares of Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after buying an additional 9,245 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Cummins by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock valued at $280,634,000 after buying an additional 6,608 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 4.6 %

Shares of NYSE CMI opened at $366.79 on Monday. The business has a 50-day moving average of $361.51 and a two-hundred day moving average of $342.40. The company has a market capitalization of $50.43 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 1 year low of $259.06 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.14 earnings per share. On average, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 1.98%. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CMI shares. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Robert W. Baird raised their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Truist Financial upped their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. The Goldman Sachs Group raised their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group upped their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $386.67.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.