Sierra Summit Advisors LLC Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Sierra Summit Advisors LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 1.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,531 shares of the company’s stock after purchasing an additional 81 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Cummins were worth $2,277,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Mariner Investment Group LLC bought a new stake in shares of Cummins in the 4th quarter worth about $1,046,000. National Bank of Canada FI raised its position in Cummins by 4.2% during the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after purchasing an additional 3,298 shares during the period. Franklin Resources Inc. lifted its stake in shares of Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares during the last quarter. Axxcess Wealth Management LLC boosted its holdings in shares of Cummins by 133.4% in the 4th quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock worth $2,021,000 after purchasing an additional 3,314 shares during the period. Finally, Concurrent Investment Advisors LLC increased its position in shares of Cummins by 296.0% during the 4th quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock valued at $4,128,000 after purchasing an additional 8,851 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on CMI shares. 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 research note on Wednesday, February 5th. UBS Group dropped their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. JPMorgan Chase & Co. reduced their price objective on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 18th. Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Finally, Robert W. Baird raised their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average target price of $383.67.

Cummins Trading Down 5.9 %

Shares of NYSE CMI opened at $277.82 on Monday. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. The firm has a market cap of $38.19 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The business has a fifty day simple moving average of $345.89 and a two-hundred day simple moving average of $348.94. 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 (NYSE:CMI) last released 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 company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.14 earnings per share. Analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Cummins 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.