Independent Advisor Alliance Increases Position in Cummins Inc. (NYSE:CMI)

Independent Advisor Alliance increased its stake in shares of Cummins Inc. (NYSE:CMI) by 41.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,883 shares of the company’s stock after purchasing an additional 1,423 shares during the quarter. Independent Advisor Alliance’s holdings in Cummins were worth $1,702,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new stake in shares of Cummins in the 3rd quarter valued at about $55,000. Victory Capital Management Inc. lifted its position in Cummins by 25.4% during the third quarter. Victory Capital Management Inc. now owns 217,689 shares of the company’s stock valued at $70,486,000 after acquiring an additional 44,027 shares during the last quarter. Haverford Trust Co boosted its stake in Cummins by 6.2% in the third quarter. Haverford Trust Co now owns 1,740 shares of the company’s stock valued at $563,000 after acquiring an additional 102 shares in the last quarter. Main Street Financial Solutions LLC grew its holdings in Cummins by 38.0% in the third quarter. Main Street Financial Solutions LLC now owns 1,879 shares of the company’s stock worth $608,000 after purchasing an additional 517 shares during the last quarter. Finally, Curi RMB Capital LLC acquired a new position in shares of Cummins during the third quarter worth $243,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 5.5 %

NYSE:CMI opened at $312.65 on Friday. The firm has a market capitalization of $42.98 billion, a P/E ratio of 11.10, a PEG ratio of 2.19 and a beta of 1.01. The company’s fifty day moving average price is $360.03 and its 200-day moving average price is $346.51. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90. 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 data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business posted $4.14 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders 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 annualized dividend and a yield of 2.33%. Cummins’s dividend payout ratio is presently 25.84%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Robert W. Baird upped their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Barclays lifted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average target price of $386.67.

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.