New Age Alpha Advisors LLC Takes Position in Cummins Inc. (NYSE:CMI)

New Age Alpha Advisors LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,596 shares of the company’s stock, valued at approximately $2,997,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Cummins during the fourth quarter worth about $499,490,000. Raymond James Financial Inc. acquired a new position in shares of Cummins in the 4th quarter worth approximately $187,082,000. Vanguard Group Inc. boosted its stake in shares of Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Cummins during the fourth quarter worth $71,279,000. Finally, Amundi raised its stake 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 buying an additional 188,254 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 3.1 %

Shares of NYSE CMI opened at $313.45 on Friday. 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 market cap of $43.09 billion, a P/E ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The business has a 50-day simple moving average of $352.17 and a two-hundred day simple moving average of $348.41.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during 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 revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business earned $4.14 earnings per share. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders 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 dividend yield of 2.32%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CMI shares. Evercore ISI increased their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. UBS Group cut their price target on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Robert W. Baird boosted their target price 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. Finally, Truist Financial raised their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently 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.