Waterfront Wealth Inc. Has $347,000 Position in Cummins Inc. (NYSE:CMI)

Waterfront Wealth Inc. lessened its position in Cummins Inc. (NYSE:CMI) by 4.8% during the 4th quarter, Holdings Channel reports. The firm owned 994 shares of the company’s stock after selling 50 shares during the quarter. Waterfront Wealth Inc.’s holdings in Cummins were worth $347,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. PFG Investments LLC lifted its holdings 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 during the last quarter. Mariner Investment Group LLC acquired a new stake in shares of Cummins during the fourth quarter worth approximately $1,046,000. Alpha DNA Investment Management LLC bought a new position in shares of Cummins in the third quarter valued at approximately $748,000. Franklin Resources Inc. raised its stake in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares during the last quarter. Finally, Bank of Montreal Can boosted its holdings in shares of Cummins by 21.2% in the 3rd 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 own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on CMI shares. Citigroup dropped their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Truist Financial raised their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Finally, Evercore ISI boosted their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Trading Down 4.6 %

CMI opened at $366.79 on Friday. Cummins Inc. has a fifty-two week low of $259.06 and a fifty-two week high of $387.90. The company has a market cap of $50.43 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 2.20 and a beta of 1.00. 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 firm has a 50 day simple moving average of $361.51 and a 200 day simple moving average of $341.71.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 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 previous year, the company posted $4.14 EPS. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 22.57 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins’s 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.