Tidal Investments LLC Has $4.22 Million Stock Position in Cummins Inc. (NYSE:CMI)

Tidal Investments LLC decreased its stake in Cummins Inc. (NYSE:CMI) by 12.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,091 shares of the company’s stock after selling 1,701 shares during the quarter. Tidal Investments LLC’s holdings in Cummins were worth $4,215,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of CMI. Avanza Fonder AB acquired a new position in shares of Cummins in the 4th quarter valued at $84,000. Ameritas Advisory Services LLC boosted its position in shares of Cummins by 15.1% in the 4th quarter. Ameritas Advisory Services LLC now owns 3,192 shares of the company’s stock valued at $1,113,000 after purchasing an additional 418 shares during the period. Diversify Wealth Management LLC acquired a new stake in Cummins during the 4th quarter worth about $215,000. UMB Bank n.a. boosted its position in Cummins by 3.1% during the 4th quarter. UMB Bank n.a. now owns 2,079 shares of the company’s stock worth $725,000 after acquiring an additional 63 shares during the period. Finally, Koshinski Asset Management Inc. boosted its position in Cummins by 13.4% during the 4th quarter. Koshinski Asset Management Inc. now owns 1,372 shares of the company’s stock worth $478,000 after acquiring an additional 162 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 1.5%

CMI opened at $331.47 on Wednesday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The business has a 50-day moving average of $304.55 and a 200-day moving average of $341.51. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $45.66 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the business earned $5.08 EPS. The business’s quarterly revenue was down 2.7% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Friday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Insider Transactions at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Morgan Stanley raised their price objective on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Citigroup raised their price objective on Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Truist Financial decreased 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, StockNews.com lowered 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $352.17.

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.