Truvestments Capital LLC Buys 577 Shares of Cummins Inc. (NYSE:CMI)

Truvestments Capital LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 26.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,784 shares of the company’s stock after purchasing an additional 577 shares during the period. Truvestments Capital LLC’s holdings in Cummins were worth $970,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Global Trust Asset Management LLC raised its stake in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new stake in shares of Cummins during the fourth quarter worth $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins during the fourth quarter worth $27,000. SBI Securities Co. Ltd. acquired a new stake in shares of Cummins during the fourth quarter worth $30,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins in the third quarter worth $32,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 1.5 %

CMI opened at $329.21 on Wednesday. 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 company’s 50-day moving average is $361.09 and its 200 day moving average is $346.86. Cummins Inc. has a fifty-two week low of $260.88 and a fifty-two week high of $387.90. The firm has a market capitalization of $45.26 billion, a P/E ratio of 11.69, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the firm earned $4.14 earnings per share. The firm’s revenue was down 1.1% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Analyst Upgrades and Downgrades

A number of research firms have commented on CMI. Evercore ISI raised their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Truist Financial raised their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Jefferies Financial Group raised their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Robert W. Baird raised their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $386.67.

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.