Corebridge Financial Inc. Increases Holdings in Cummins Inc. (NYSE:CMI)

Corebridge Financial Inc. increased its position in shares of Cummins Inc. (NYSE:CMI) by 2.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,764 shares of the company’s stock after purchasing an additional 739 shares during the quarter. Corebridge Financial Inc.’s holdings in Cummins were worth $12,119,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Congress Wealth Management LLC DE boosted its holdings in shares of Cummins by 74.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 1,419 shares of the company’s stock valued at $495,000 after acquiring an additional 604 shares during the last quarter. Crowley Wealth Management Inc. purchased a new stake in Cummins in the fourth quarter valued at $1,042,000. Vanguard Group Inc. grew its position in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the period. Stevens Capital Management LP raised its stake in shares of Cummins by 57.7% during the 4th quarter. Stevens Capital Management LP now owns 2,198 shares of the company’s stock valued at $766,000 after buying an additional 804 shares during the last quarter. Finally, LPL Financial LLC lifted its holdings in shares of Cummins by 5.6% in the 4th quarter. LPL Financial LLC now owns 334,662 shares of the company’s stock valued at $116,663,000 after buying an additional 17,662 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday. UBS Group cut their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Truist Financial upped 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. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $389.50.

Cummins Stock Down 0.2 %

CMI opened at $330.57 on Wednesday. The company has a market cap of $45.45 billion, a PE ratio of 11.73, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. The company has a 50-day moving average price of $354.72 and a 200 day moving average price of $348.24. 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 announced its earnings results on Tuesday, February 4th. The company reported $5.16 EPS 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 analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.14 earnings per share. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced 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 was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.20%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

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.