Cummins Inc. (NYSE:CMI) Shares Sold by Twin Tree Management LP

Twin Tree Management LP cut its stake in shares of Cummins Inc. (NYSE:CMI) by 85.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,986 shares of the company’s stock after selling 35,314 shares during the period. Twin Tree Management LP’s holdings in Cummins were worth $2,087,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Raymond James Financial Inc. acquired a new position in shares of Cummins during the 4th quarter worth $187,082,000. Proficio Capital Partners LLC acquired a new position in shares of Cummins during the 4th quarter worth $71,279,000. Amundi grew its stake in Cummins by 32.3% in the 4th quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after acquiring an additional 188,254 shares during the last quarter. Fisher Asset Management LLC grew its stake in Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares during the last quarter. Finally, State Street Corp grew its stake in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 1.2 %

Shares of CMI stock opened at $322.19 on Wednesday. The firm has a market cap of $44.30 billion, a P/E ratio of 11.44, a PEG ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1-year low of $261.51 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. The firm’s 50-day simple moving average is $358.00 and its 200-day simple moving average is $347.35.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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 business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm posted $4.14 EPS. As a group, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders 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 dividend yield of 2.26%. Cummins’s payout ratio is currently 25.84%.

Analyst Ratings Changes

A number of brokerages recently commented on CMI. Evercore ISI increased their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays increased their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Truist Financial upped their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $389.50.

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.