Oppenheimer Asset Management Inc. Reduces Holdings in Cummins Inc. (NYSE:CMI)

Oppenheimer Asset Management Inc. trimmed its stake in Cummins Inc. (NYSE:CMI) by 5.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,717 shares of the company’s stock after selling 169 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cummins were worth $947,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CMI. Fisher Asset Management LLC grew its position in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares during the last quarter. State Street Corp grew its position in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the last quarter. Bank of New York Mellon Corp grew its position in Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after purchasing an additional 120,579 shares during the last quarter. Franklin Resources Inc. grew its position in Cummins by 74.2% during the 3rd 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 during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in Cummins by 4,161.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 81,818 shares of the company’s stock worth $26,492,000 after purchasing an additional 79,898 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Down 2.4 %

Shares of NYSE CMI opened at $347.35 on Wednesday. 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 Inc. has a 52 week low of $260.88 and a 52 week high of $387.90. The firm has a 50-day moving average price of $362.28 and a 200 day moving average price of $345.62. The stock has a market capitalization of $47.75 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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 firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter last year, the business earned $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.10%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CMI. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Jefferies Financial Group raised their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus target price of $386.67.

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.