Modern Wealth Management LLC Buys Shares of 555 Cummins Inc. (NYSE:CMI)

Modern Wealth Management LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 555 shares of the company’s stock, valued at approximately $208,000.

Other institutional investors also recently modified their holdings of the company. Global Trust Asset Management LLC grew its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department bought a new stake in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins in the fourth quarter valued at approximately $27,000. TCTC Holdings LLC bought a new position in Cummins in the 4th quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Cummins during the 4th quarter worth approximately $30,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 3.1 %

Cummins stock opened at $313.45 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $43.09 billion, a PE ratio of 11.13, a PEG ratio of 2.19 and a beta of 1.01. The firm’s fifty day moving average is $352.17 and its 200 day moving average is $348.05. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.32%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CMI shares. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Evercore ISI lifted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Robert W. Baird increased their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $389.50.

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.