Millstone Evans Group LLC Invests $184,000 in Cummins Inc. (NYSE:CMI)

Millstone Evans Group LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 528 shares of the company’s stock, valued at approximately $184,000.

A number of other large investors also recently modified their holdings of the stock. State Street Corp lifted its position in shares of 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 purchasing an additional 126,703 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. FMR LLC lifted its position in shares of Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Cummins by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after purchasing an additional 120,579 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Cummins by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock worth $308,303,000 after purchasing an additional 17,687 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CMI. Truist Financial boosted their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Robert W. Baird boosted their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Barclays boosted their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $389.50.

Cummins Stock Down 1.1 %

Shares of CMI stock opened at $321.78 on Friday. The firm has a fifty day moving average of $355.99 and a 200-day moving average of $347.41. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The company has a market capitalization of $44.24 billion, a price-to-earnings ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01.

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

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was 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.