Black Diamond Financial LLC Acquires New Holdings in Cummins Inc. (NYSE:CMI)

Black Diamond Financial LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 679 shares of the company’s stock, valued at approximately $237,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PFG Investments LLC raised its position in shares of Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the period. Mariner Investment Group LLC bought a new position in shares of Cummins in the fourth quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC bought a new position in shares of Cummins in the third quarter valued at approximately $748,000. Franklin Resources Inc. raised its position in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares during the period. Finally, Bank of Montreal Can raised its position in shares of Cummins by 21.2% in the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after purchasing an additional 68,627 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 4.6 %

CMI opened at $366.79 on Monday. Cummins Inc. has a fifty-two week low of $259.06 and a fifty-two week 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 fifty day moving average price is $361.51 and its two-hundred day moving average price is $342.40. The company has a market capitalization of $50.43 billion, a P/E ratio of 13.02, a P/E/G ratio of 2.19 and a beta of 1.00.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. Cummins’s dividend payout ratio is currently 25.84%.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Robert W. Baird lifted their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Jefferies Financial Group raised their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus 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.