Great Lakes Advisors LLC Trims Position in Cummins Inc. (NYSE:CMI)

Great Lakes Advisors LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 3.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 107,696 shares of the company’s stock after selling 3,327 shares during the quarter. Great Lakes Advisors LLC owned about 0.08% of Cummins worth $37,543,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Global Trust Asset Management LLC boosted its position in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department bought a new stake in shares of Cummins during the 4th quarter valued at about $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins during the 4th quarter valued at about $27,000. SBI Securities Co. Ltd. bought a new stake in shares of Cummins during the 4th quarter valued at about $30,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Cummins during the 3rd quarter valued at about $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $329.21 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a fifty-two week low of $260.88 and a fifty-two week high of $387.90. The stock has a 50 day moving average price of $361.09 and a two-hundred day moving average price of $346.86. The company has a market capitalization of $45.26 billion, a P/E ratio of 11.69, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the company posted $4.14 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. Analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.21%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CMI shares. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and an average target price of $386.67.

Cummins Profile

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.