Geode Capital Management LLC Has $1.17 Billion Stake in Cummins Inc. (NYSE:CMI)

Geode Capital Management LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 2.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,377,583 shares of the company’s stock after purchasing an additional 84,112 shares during the quarter. Geode Capital Management LLC owned 2.46% of Cummins worth $1,174,504,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CMI. Global Trust Asset Management LLC grew its stake in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department bought a new stake in Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc acquired a new position in Cummins in the 4th quarter worth about $27,000. Meeder Asset Management Inc. raised its position in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC acquired a new stake in shares of Cummins during the fourth quarter valued at about $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Citigroup dropped their price objective on shares of Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a report on Monday. Truist Financial lifted 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. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. UBS Group lowered their target price on Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Finally, Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $383.67.

Cummins Stock Up 0.5 %

Shares of NYSE:CMI opened at $315.09 on Wednesday. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. 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 business’s 50-day moving average is $350.07 and its 200-day moving average is $349.00. The company has a market capitalization of $43.32 billion, a price-to-earnings ratio of 11.19, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion for 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 company’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 business earned $4.14 EPS. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.31%. Cummins’s dividend payout ratio is currently 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.