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

Distillate Capital Partners LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 53,708 shares of the company’s stock, valued at approximately $18,723,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Cummins during the fourth quarter valued at about $499,490,000. Raymond James Financial Inc. acquired a new stake in Cummins in the fourth quarter valued at $187,082,000. Vanguard Group Inc. raised its position in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company’s stock worth $224,317,000 after purchasing an additional 233,694 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in Cummins in the fourth quarter worth $71,279,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Robert W. Baird lifted their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday. Evercore ISI boosted their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and dropped their price target for the company from $400.00 to $240.00 in a research note on Monday. Finally, StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $354.17.

Cummins Price Performance

NYSE CMI opened at $286.00 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The stock’s 50-day moving average is $335.61 and its two-hundred day moving average is $346.83. The firm has a market cap of $39.40 billion, a P/E ratio of 10.15, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. 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 (NYSE:CMI) last issued 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. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the firm posted $4.14 EPS. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.55%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

About Cummins

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.