Nicholas Hoffman & Company LLC. bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,567 shares of the company’s stock, valued at approximately $212,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. Steward Partners Investment Advisory LLC lifted its position in Cummins by 31.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 258 shares of the company’s stock valued at $46,000 after purchasing an additional 61 shares during the period. Wealthfront Advisers LLC raised its position in shares of Cummins by 16.2% in the fourth quarter. Wealthfront Advisers LLC now owns 5,051 shares of the company’s stock worth $904,000 after acquiring an additional 706 shares during the period. Clarius Group LLC acquired a new position in shares of Cummins in the fourth quarter worth about $214,000. Howland Capital Management LLC acquired a new position in shares of Cummins in the fourth quarter worth about $200,000. Finally, J.W. Cole Advisors Inc. acquired a new position in shares of Cummins in the fourth quarter worth about $260,000. Institutional investors own 81.80% of the company’s stock.
NYSE CMI traded down $2.51 during trading hours on Friday, hitting $155.04. 1,209,161 shares of the company’s stock traded hands, compared to its average volume of 1,269,104. Cummins Inc. has a 52-week low of $101.03 and a 52-week high of $186.73. The company has a market capitalization of $23.24 billion, a PE ratio of 11.38, a PEG ratio of 3.26 and a beta of 1.15. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.40 and a quick ratio of 0.89. The firm’s 50-day moving average is $150.68 and its 200-day moving average is $162.69.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.18 by $1.00. The company had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Cummins had a net margin of 9.34% and a return on equity of 24.86%. Cummins’s revenue was down 16.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.20 EPS. Equities research analysts predict that Cummins Inc. will post 7.45 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be issued a $1.311 dividend. The ex-dividend date of this dividend is Thursday, May 21st. This represents a $5.24 annualized dividend and a dividend yield of 3.38%. Cummins’s dividend payout ratio is currently 34.82%.
A number of research analysts have weighed in on CMI shares. Citigroup upped their price objective on shares of Cummins from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Credit Suisse Group upped their price objective on shares of Cummins from $178.00 to $201.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. BMO Capital Markets upped their price objective on shares of Cummins from $130.00 to $150.00 and gave the stock a “market perform” rating in a research report on Thursday, April 30th. Morgan Stanley upped their price objective on shares of Cummins from $125.00 to $152.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 29th. Finally, Piper Sandler downgraded shares of Cummins from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $195.00 to $162.00 in a research report on Tuesday, May 12th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $169.19.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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