Great Lakes Advisors LLC Trims Position in Cummins Inc. (NYSE:CMI)

Great Lakes Advisors LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 107,696 shares of the company’s stock after selling 3,327 shares during the period. Great Lakes Advisors LLC’s holdings in Cummins were worth $37,543,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Mariner Investment Group LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC bought a new position in Cummins in the third quarter worth $748,000. Franklin Resources Inc. raised its holdings in Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares in the last quarter. Bank of Montreal Can raised its holdings in Cummins by 21.2% in the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after purchasing an additional 68,627 shares in the last quarter. Finally, Hancock Whitney Corp raised its holdings in Cummins by 545.1% in the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after purchasing an additional 32,642 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 1.5 %

Cummins stock 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. Cummins Inc. has a one year low of $260.88 and a one year high of $387.90. The stock has a market capitalization of $45.26 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The business’s fifty day moving average is $361.09 and its 200 day moving average is $346.86.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $4.14 earnings per share. On average, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given 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 2.21%. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CMI shares. Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Robert W. Baird increased their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Eight 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 company presently has a consensus rating of “Hold” and an average price target 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.