Heritage Trust Co Acquires Shares of 4,080 Cummins Inc. (NYSE:CMI)

Heritage Trust Co bought a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,080 shares of the company’s stock, valued at approximately $1,422,000.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CMI shares. Evercore ISI lifted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Robert W. Baird lifted their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. dropped their target price on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a report on Friday. Barclays lifted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $354.17.

Cummins Stock Performance

CMI opened at $286.00 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The stock has a market cap of $39.40 billion, a PE ratio of 10.15, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The business’s 50 day moving average is $335.61 and its 200-day moving average is $346.83. 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 (NYSE:CMI) last announced its quarterly 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 during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.14 EPS. On average, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.55%. 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.