Schroder Investment Management Group Buys 69,285 Shares of Cummins Inc. (NYSE:CMI)

Schroder Investment Management Group grew its position in Cummins Inc. (NYSE:CMI) by 39.8% in the fourth quarter, Holdings Channel reports. The fund owned 243,541 shares of the company’s stock after acquiring an additional 69,285 shares during the quarter. Schroder Investment Management Group’s holdings in Cummins were worth $84,852,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Global Trust Asset Management LLC raised its position in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department bought a new position in Cummins in the 4th quarter valued at approximately $26,000. Compass Financial Services Inc acquired a new stake in Cummins during the 4th quarter worth approximately $27,000. TCTC Holdings LLC bought a new stake in Cummins during the 4th quarter worth approximately $28,000. Finally, SBI Securities Co. Ltd. acquired a new position in Cummins in the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of recent research reports. Citigroup cut their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. UBS Group decreased their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus target price of $389.50.

Cummins Stock Performance

Shares of CMI stock opened at $313.45 on Monday. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. The firm has a market capitalization of $43.09 billion, a PE ratio of 11.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The firm has a fifty day simple moving average of $352.17 and a two-hundred day simple moving average of $348.80. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.32%. Cummins’s dividend payout ratio is currently 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.