Knights of Columbus Asset Advisors LLC Increases Stock Holdings in Cummins Inc. (NYSE:CMI)

Knights of Columbus Asset Advisors LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 1.1% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 35,092 shares of the company’s stock after purchasing an additional 391 shares during the quarter. Cummins comprises 0.8% of Knights of Columbus Asset Advisors LLC’s portfolio, making the stock its 26th biggest holding. Knights of Columbus Asset Advisors LLC’s holdings in Cummins were worth $12,233,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMI. Raymond James Financial Inc. purchased a new position in shares of Cummins in the 4th quarter worth approximately $187,082,000. Proficio Capital Partners LLC purchased a new position in shares of Cummins in the 4th quarter worth approximately $71,279,000. Amundi boosted its holdings in shares of Cummins by 32.3% in the 4th quarter. Amundi now owns 771,038 shares of the company’s stock worth $277,381,000 after purchasing an additional 188,254 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares during the period. Finally, State Street Corp boosted its holdings in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 1.1 %

CMI opened at $321.78 on Friday. The stock has a fifty day moving average price of $355.99 and a 200-day moving average price of $347.12. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. The firm has a market cap of $44.24 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 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 earnings per share (EPS) for the quarter, beating 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 company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the company posted $4.14 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts anticipate 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. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Truist Financial lifted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. dropped their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday. Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Robert W. Baird upped their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $389.50.

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.