Todd Asset Management LLC Has $48.92 Million Position in Cummins Inc. (NYSE:CMI)

Todd Asset Management LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 1.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,320 shares of the company’s stock after purchasing an additional 2,377 shares during the quarter. Cummins comprises 1.2% of Todd Asset Management LLC’s investment portfolio, making the stock its 23rd biggest holding. Todd Asset Management LLC owned about 0.10% of Cummins worth $48,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its position in Cummins by 164.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 13,974 shares of the company’s stock valued at $4,525,000 after acquiring an additional 8,685 shares in the last quarter. Allworth Financial LP boosted its holdings in Cummins by 11.4% in the 3rd quarter. Allworth Financial LP now owns 2,756 shares of the company’s stock valued at $892,000 after purchasing an additional 282 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cummins by 7.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,701 shares of the company’s stock valued at $3,819,000 after purchasing an additional 851 shares during the period. PFG Investments LLC boosted its holdings in Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Cummins by 7.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,355 shares of the company’s stock valued at $5,619,000 after purchasing an additional 1,236 shares during the period. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CMI shares. The Goldman Sachs Group lifted their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Truist Financial lifted their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Price Performance

Shares of NYSE CMI opened at $360.44 on Tuesday. The stock has a market capitalization of $49.55 billion, a P/E ratio of 12.80, a P/E/G ratio of 2.19 and a beta of 1.00. 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 Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The company’s 50-day moving average is $361.38 and its 200 day moving average is $342.85.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business 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 business’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.14 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.02%. Cummins’s dividend payout ratio (DPR) is 25.84%.

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.