IFP Advisors Inc Acquires 390 Shares of Cummins Inc. (NYSE:CMI)

IFP Advisors Inc lifted its holdings in Cummins Inc. (NYSE:CMI) by 12.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,417 shares of the company’s stock after acquiring an additional 390 shares during the quarter. IFP Advisors Inc’s holdings in Cummins were worth $1,191,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Assenagon Asset Management S.A. grew its stake in shares of Cummins by 164.2% during the third quarter. Assenagon Asset Management S.A. now owns 13,974 shares of the company’s stock valued at $4,525,000 after buying an additional 8,685 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cummins by 7.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,701 shares of the company’s stock valued at $3,819,000 after acquiring an additional 851 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Cummins by 7.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,355 shares of the company’s stock worth $5,619,000 after acquiring an additional 1,236 shares during the last quarter. J.W. Cole Advisors Inc. increased its stake in Cummins by 28.3% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 3,299 shares of the company’s stock worth $1,068,000 after purchasing an additional 727 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in Cummins in the third quarter valued at approximately $212,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $367.04 on Thursday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company has a market cap of $50.46 billion, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. The stock has a fifty day simple moving average of $361.70 and a two-hundred day simple moving average of $343.49. Cummins Inc. has a 12-month low of $260.88 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings results 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 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 analyst estimates of $8.06 billion. During the same period last year, the business earned $4.14 EPS. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

Analysts Set New Price Targets

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Truist Financial boosted their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.