Malaga Cove Capital LLC Makes New Investment in Cummins Inc. (NYSE:CMI)

Malaga Cove Capital LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 611 shares of the company’s stock, valued at approximately $213,000.

Other institutional investors have also recently bought and sold shares of the company. Global Trust Asset Management LLC lifted its stake in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department bought a new position in Cummins in the fourth quarter valued at approximately $26,000. Compass Financial Services Inc bought a new position in Cummins in the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. lifted its position in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC bought a new stake in shares of Cummins in the fourth quarter worth $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CMI. Truist Financial cut their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Evercore ISI boosted their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Finally, Citigroup upped their price target on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $354.83.

Cummins Price Performance

NYSE:CMI opened at $333.47 on Thursday. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a market cap of $45.94 billion, a P/E ratio of 11.84, a P/E/G ratio of 2.19 and a beta of 1.02. The firm’s fifty day moving average price is $303.97 and its two-hundred day moving average price is $341.37. 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 released its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same period in the prior year, the company posted $5.08 earnings per share. Cummins’s revenue was down 2.7% compared to the same quarter last year. Equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be paid a $1.82 dividend. The ex-dividend date is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Cummins Company 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.