FourThought Financial Partners LLC Purchases New Position in Cummins Inc. (NYSE:CMI)

FourThought Financial Partners LLC acquired a new position in Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 773 shares of the company’s stock, valued at approximately $269,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after purchasing an additional 120,579 shares in the last quarter. Mengis Capital Management Inc. grew its position in Cummins by 2.0% during the fourth quarter. Mengis Capital Management Inc. now owns 5,338 shares of the company’s stock valued at $1,861,000 after buying an additional 105 shares during the period. BankPlus Trust Department purchased a new position in Cummins in the fourth quarter valued at $26,000. Crestwood Advisors Group LLC raised its position in shares of Cummins by 6.9% in the fourth quarter. Crestwood Advisors Group LLC now owns 1,930 shares of the company’s stock worth $673,000 after acquiring an additional 125 shares during the period. Finally, IFP Advisors Inc raised its position in shares of Cummins by 12.9% in the fourth quarter. IFP Advisors Inc now owns 3,417 shares of the company’s stock worth $1,191,000 after acquiring an additional 390 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $367.04 on Thursday. The company has a fifty day simple moving average of $361.70 and a 200-day simple moving average of $343.49. The firm has a market capitalization of $50.46 billion, a price-to-earnings ratio of 13.03, a PEG ratio of 2.19 and a beta of 1.00. 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 Inc. has a 52-week low of $260.88 and a 52-week high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the prior year, the company earned $4.14 EPS. Cummins’s revenue was down 1.1% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CMI shares. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Truist Financial boosted their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, Citigroup reduced their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $386.67.

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.