Loomis Sayles & Co. L P Has $246.52 Million Stock Position in Cummins Inc. (NYSE:CMI)

Loomis Sayles & Co. L P increased its position in shares of Cummins Inc. (NYSE:CMI) by 3.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 707,164 shares of the company’s stock after purchasing an additional 22,271 shares during the quarter. Loomis Sayles & Co. L P owned approximately 0.52% of Cummins worth $246,517,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Global Trust Asset Management LLC grew its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new stake in Cummins in the fourth quarter worth about $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins during the 4th quarter valued at $27,000. TCTC Holdings LLC purchased a new stake in shares of Cummins in the 4th quarter worth approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in Cummins in the fourth quarter worth about $30,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $328.08 on Thursday. The firm has a market capitalization of $45.11 billion, a price-to-earnings ratio of 11.65, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The company’s fifty day moving average is $354.07 and its two-hundred day moving average is $348.10.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company 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%. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $4.14 earnings per share. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. JPMorgan Chase & Co. lowered their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Finally, Jefferies Financial Group lifted their target price 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. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus target price of $389.50.

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.