Bank of New York Mellon Corp Raises Position in Cummins Inc. (NYSE:CMI)

Bank of New York Mellon Corp raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 14.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 981,766 shares of the company’s stock after buying an additional 120,579 shares during the quarter. Bank of New York Mellon Corp owned about 0.72% of Cummins worth $342,244,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. State Street Corp grew its holdings in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares in 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 worth $973,174,000 after buying an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC increased its holdings in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the last quarter. FMR LLC raised its position in shares of Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after buying an additional 9,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Cummins by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after acquiring an additional 6,608 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Up 1.7 %

NYSE:CMI opened at $367.04 on Thursday. The firm has a market capitalization of $50.46 billion, a P/E ratio of 13.03, a P/E/G ratio of 2.19 and a beta of 1.00. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The company has a fifty day moving average of $361.70 and a 200 day moving average of $343.49. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90.

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

Cummins Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts recently commented on the company. Robert W. Baird increased their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Truist Financial upped their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, Citigroup decreased their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $386.67.

Cummins Company 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.