CANADA LIFE ASSURANCE Co Raises Stock Position in Cummins Inc. (NYSE:CMI)

CANADA LIFE ASSURANCE Co lifted its stake in Cummins Inc. (NYSE:CMI) by 14.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 134,701 shares of the company’s stock after purchasing an additional 16,815 shares during the period. CANADA LIFE ASSURANCE Co owned 0.10% of Cummins worth $46,933,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Mariner Investment Group LLC bought a new stake in Cummins during the 4th quarter valued at approximately $1,046,000. FMR LLC boosted its position in shares of Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after purchasing an additional 67,266 shares in the last quarter. National Bank of Canada FI grew its stake in Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after purchasing an additional 3,298 shares during the period. Franklin Resources Inc. raised its holdings in Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock valued at $54,876,000 after buying an additional 6,107 shares during the period. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CMI shares. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. JPMorgan Chase & Co. dropped their price target on Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. Truist Financial reduced their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Finally, UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and dropped their target price for the stock from $400.00 to $240.00 in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $346.00.

Cummins Stock Performance

Shares of NYSE CMI opened at $281.37 on Friday. The firm’s 50-day moving average price is $326.83 and its 200-day moving average price is $345.26. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a market cap of $38.76 billion, a PE ratio of 9.99, a PEG ratio of 2.19 and a beta of 1.07. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 11.57% and a return on equity of 27.12%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company posted $4.14 earnings per share. As a group, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current 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 given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 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.