Intact Investment Management Inc. Invests $70,000 in Cummins Inc. (NYSE:CMI)

Intact Investment Management Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 200 shares of the company’s stock, valued at approximately $70,000.

Other institutional investors and hedge funds have also made changes to their positions 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 worth $26,000 after acquiring an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new position in shares of Cummins during the 4th quarter worth about $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins in the 4th quarter valued at about $27,000. SBI Securities Co. Ltd. acquired a new stake in shares of Cummins in the 4th quarter valued at about $30,000. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Cummins in the 3rd quarter valued at about $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research report on Friday. Barclays upped their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Robert W. Baird upped their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Finally, Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $392.64.

Cummins Stock Up 3.0 %

CMI opened at $322.24 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The business has a 50 day simple moving average of $359.39 and a 200-day simple moving average of $346.87. The stock has a market capitalization of $44.30 billion, a P/E ratio of 11.44, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The business 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 company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the firm earned $4.14 EPS. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.26%. Cummins’s dividend payout ratio is presently 25.84%.

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.