Amundi Grows Position in Cummins Inc. (NYSE:CMI)

Amundi boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 32.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 771,038 shares of the company’s stock after purchasing an additional 188,254 shares during the period. Amundi owned about 0.56% of Cummins worth $277,381,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new position in shares of Cummins in the fourth quarter valued at about $187,082,000. Proficio Capital Partners LLC purchased a new position in shares of Cummins in the fourth quarter valued at about $71,279,000. Fisher Asset Management LLC lifted its position in shares of Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares in the last quarter. State Street Corp lifted its position in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Cummins by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after acquiring an additional 120,579 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Truist Financial boosted their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Citigroup decreased their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $386.67.

Cummins Trading Down 0.8 %

Shares of NYSE CMI opened at $341.97 on Friday. The business’s 50 day moving average is $361.77 and its two-hundred day moving average is $346.22. 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 stock has a market capitalization of $47.01 billion, a P/E ratio of 12.14, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the previous year, the firm posted $4.14 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.13%. Cummins’s payout ratio is currently 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.