First Eagle Investment Management LLC Sells 309,483 Shares of Cummins Inc. (NYSE:CMI)

First Eagle Investment Management LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 16.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,540,432 shares of the company’s stock after selling 309,483 shares during the quarter. First Eagle Investment Management LLC owned about 1.12% of Cummins worth $536,995,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Mariner Investment Group LLC bought a new stake in Cummins during the fourth quarter worth approximately $1,046,000. Alpha DNA Investment Management LLC acquired a new position in shares of Cummins during the third quarter worth approximately $748,000. Franklin Resources Inc. lifted its holdings in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after buying an additional 99,464 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after buying an additional 68,627 shares during the last quarter. Finally, Hancock Whitney Corp lifted its holdings in shares of Cummins by 545.1% during the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after buying an additional 32,642 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $312.65 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock has a fifty day moving average price of $360.03 and a two-hundred day moving average price of $346.51. Cummins Inc. has a 52-week low of $260.88 and a 52-week high of $387.90. The firm has a market capitalization of $42.98 billion, a P/E ratio of 11.10, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) 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 firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the company posted $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, 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 was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is presently 25.84%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CMI shares. Truist Financial upped 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. Barclays upped their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Eight equities 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 has an average rating of “Hold” and a consensus price target 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.