Cummins Inc. (NYSE:CMI) Shares Bought by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. increased its stake in Cummins Inc. (NYSE:CMI) by 0.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,889 shares of the company’s stock after acquiring an additional 70 shares during the period. Atria Wealth Solutions Inc.’s holdings in Cummins were worth $3,447,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CMI. PFG Investments LLC boosted its stake in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares in the last quarter. Mariner Investment Group LLC bought a new position in Cummins during the fourth quarter valued at about $1,046,000. Alpha DNA Investment Management LLC bought a new position in Cummins during the third quarter valued at about $748,000. Franklin Resources Inc. grew its holdings in 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 acquiring an additional 99,464 shares during the period. Finally, Bank of Montreal Can raised its position in Cummins by 21.2% in the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after acquiring an additional 68,627 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CMI. Evercore ISI raised their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Citigroup reduced their price objective 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, Robert W. Baird lifted 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. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $386.67.

Cummins Trading Down 0.3 %

NYSE CMI opened at $384.73 on Friday. The company has a market capitalization of $52.89 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 2.16 and a beta of 1.00. Cummins Inc. has a 1-year low of $259.06 and a 1-year high of $387.90. 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 firm’s fifty day simple moving average is $361.52 and its 200-day simple moving average is $341.12.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the business earned $4.14 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.89%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio is 25.84%.

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.