Cummins Inc. (NYSE:CMI) Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC lowered its position in Cummins Inc. (NYSE:CMI) by 4.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,901 shares of the company’s stock after selling 321 shares during the period. Parallel Advisors LLC’s holdings in Cummins were worth $2,406,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in Cummins during the fourth quarter worth $187,082,000. Proficio Capital Partners LLC purchased a new stake in shares of Cummins in the 4th quarter worth about $71,279,000. Amundi grew its stake in Cummins by 32.3% in the 4th quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after acquiring an additional 188,254 shares during the last quarter. Fisher Asset Management LLC grew its stake in Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares during the last quarter. Finally, State Street Corp raised its position in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI stock opened at $322.19 on Wednesday. The firm has a market capitalization of $44.30 billion, a price-to-earnings ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a 50 day moving average price of $358.00 and a 200 day moving average price of $347.35. Cummins Inc. has a one year low of $261.51 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.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping 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 business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the company posted $4.14 EPS. The business’s quarterly revenue was down 1.1% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.26%. Cummins’s payout ratio is 25.84%.

Analyst Ratings Changes

CMI has been the topic of several research reports. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Bank of America raised 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 research report on Tuesday, January 14th. Jefferies Financial Group upped their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Finally, Barclays upped their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $389.50.

Cummins Company 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.