Neuberger Berman Group LLC Has $224.32 Million Stock Position in Cummins Inc. (NYSE:CMI)

Neuberger Berman Group LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 57.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 643,482 shares of the company’s stock after acquiring an additional 233,694 shares during the quarter. Neuberger Berman Group LLC owned about 0.47% of Cummins worth $224,317,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CMI. Bessemer Group Inc. boosted its stake in Cummins by 0.7% in the 4th quarter. Bessemer Group Inc. now owns 14,666 shares of the company’s stock valued at $5,112,000 after purchasing an additional 101 shares during the period. CenterBook Partners LP bought a new stake in Cummins in the 4th quarter valued at $472,000. Texas Yale Capital Corp. boosted its stake in Cummins by 3.4% in the 4th quarter. Texas Yale Capital Corp. now owns 3,505 shares of the company’s stock valued at $1,222,000 after purchasing an additional 115 shares during the period. APG Asset Management N.V. boosted its stake in Cummins by 692.8% in the 4th quarter. APG Asset Management N.V. now owns 74,400 shares of the company’s stock valued at $25,047,000 after purchasing an additional 65,015 shares during the period. Finally, Advisory Services Network LLC boosted its stake in Cummins by 1.9% in the 4th quarter. Advisory Services Network LLC now owns 15,225 shares of the company’s stock valued at $5,308,000 after purchasing an additional 289 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of a number of recent analyst reports. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. UBS Group cut Cummins from a “buy” rating to a “sell” rating and lowered their price target for the stock from $400.00 to $240.00 in a report on Monday. Evercore ISI boosted 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. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday. Finally, Citigroup lowered their price target on Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $359.75.

Cummins Stock Performance

Shares of CMI opened at $296.51 on Thursday. The business’s fifty day simple moving average is $338.50 and its two-hundred day simple moving average is $347.35. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a market cap of $40.84 billion, a price-to-earnings ratio of 10.53, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 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 analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm earned $4.14 EPS. 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 announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.46%. Cummins’s dividend payout ratio (DPR) 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.