Enhancing Capital LLC Takes Position in Cummins Inc. (NYSE:CMI)

Enhancing Capital LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 7,030 shares of the company’s stock, valued at approximately $2,451,000. Cummins comprises 2.0% of Enhancing Capital LLC’s investment portfolio, making the stock its 14th biggest position.

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

Analyst Upgrades and Downgrades

CMI has been the topic of several research analyst reports. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Truist Financial raised their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Friday. Citigroup dropped their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Jefferies Financial Group raised their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $392.64.

Cummins Stock Performance

Shares of Cummins stock opened at $326.13 on Tuesday. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. The company has a market cap of $44.84 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The business’s 50 day moving average price is $358.75 and its 200 day moving average price is $347.28.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the business posted $4.14 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. On average, research analysts predict 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. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. Cummins’s payout ratio is 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.