Spectrum Wealth Counsel LLC Lowers Holdings in Cummins Inc. (NYSE:CMI)

Spectrum Wealth Counsel LLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 0.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,038 shares of the company’s stock after selling 48 shares during the period. Spectrum Wealth Counsel LLC’s holdings in Cummins were worth $6,985,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Providence First Trust Co bought a new stake in shares of Cummins in the 4th quarter valued at about $35,000. Williamson Legacy Group LLC bought a new position in Cummins in the fourth quarter worth approximately $1,037,000. Noble Wealth Management PBC purchased a new stake in Cummins during the fourth quarter worth $73,000. Fisher Asset Management LLC boosted its position in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after acquiring an additional 66,887 shares in the last quarter. Finally, Noesis Capital Mangement Corp increased its holdings in shares of Cummins by 0.3% in the 4th quarter. Noesis Capital Mangement Corp now owns 35,948 shares of the company’s stock valued at $12,531,000 after acquiring an additional 125 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CMI. Robert W. Baird raised their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Truist Financial raised their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Citigroup decreased their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $386.67.

Cummins Stock Performance

Shares of CMI opened at $367.90 on Friday. The stock has a 50-day moving average of $362.32 and a two-hundred day moving average of $344.17. Cummins Inc. has a one year low of $260.88 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market cap of $50.58 billion, a P/E ratio of 13.06, a P/E/G ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the firm posted $4.14 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. 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 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.