Meeder Advisory Services Inc. Acquires 101 Shares of Cummins Inc. (NYSE:CMI)

Meeder Advisory Services Inc. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,504 shares of the company’s stock after buying an additional 101 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Cummins were worth $1,570,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Global Trust Asset Management LLC raised its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new position in shares of Cummins during the 4th quarter worth approximately $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC bought a new position in shares of Cummins in the fourth quarter valued at $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of a number of recent analyst reports. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. cut their target price on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday, March 18th. UBS Group reduced their price target on Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Truist Financial upped their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Evercore ISI lifted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $383.67.

Cummins Stock Performance

Shares of NYSE CMI opened at $320.04 on Thursday. 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 firm has a market cap of $44.00 billion, a price-to-earnings ratio of 11.36, a P/E/G ratio of 2.19 and a beta of 1.01. The stock’s fifty day moving average price is $349.15 and its two-hundred day moving average price is $348.80. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the company posted $4.14 earnings per share. Cummins’s revenue was down 1.1% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.27%. Cummins’s payout ratio is 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.