Simmons Bank Reduces Holdings in Cummins Inc. (NYSE:CMI)

Simmons Bank decreased its position in shares of Cummins Inc. (NYSE:CMI) by 2.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,697 shares of the company’s stock after selling 150 shares during the quarter. Simmons Bank’s holdings in Cummins were worth $2,335,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Global Trust Asset Management LLC grew its holdings 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 worth $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins during the fourth quarter worth about $27,000. Prospera Private Wealth LLC purchased a new position in shares of Cummins during the third quarter worth about $32,000. Finally, Kestra Investment Management LLC purchased a new position in shares of Cummins during the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $367.04 on Thursday. The firm has a 50 day moving average of $361.70 and a 200-day moving average of $343.49. Cummins Inc. has a 12-month low of $260.88 and a 12-month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company has a market cap of $50.46 billion, a price-to-earnings ratio of 13.03, a PEG ratio of 2.19 and a beta of 1.00.

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

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. Cummins’s dividend payout ratio is currently 25.84%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. 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 report on Tuesday, January 14th. Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $355.00 to $420.00 in a report on Monday, December 9th. The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Eight investment 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, the company has an average rating of “Hold” and a consensus target price of $386.67.

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.