Charles Schwab Investment Management Inc. Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Charles Schwab Investment Management Inc. grew its holdings in Cummins Inc. (NYSE:CMI) by 2.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 884,402 shares of the company’s stock after acquiring an additional 17,687 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Cummins were worth $308,303,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CMI. Mission Wealth Management LP increased its holdings in Cummins by 2.0% in the 4th quarter. Mission Wealth Management LP now owns 4,362 shares of the company’s stock worth $1,521,000 after acquiring an additional 86 shares in the last quarter. Woodley Farra Manion Portfolio Management Inc. purchased a new stake in shares of Cummins during the fourth quarter worth about $201,000. Fidelis Capital Partners LLC raised its position in shares of Cummins by 8.1% during the 4th quarter. Fidelis Capital Partners LLC now owns 1,242 shares of the company’s stock worth $432,000 after purchasing an additional 93 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in Cummins in the 4th quarter valued at about $30,000. Finally, Jones Financial Companies Lllp lifted its stake in Cummins by 35.5% in the 4th quarter. Jones Financial Companies Lllp now owns 15,547 shares of the company’s stock valued at $5,420,000 after buying an additional 4,077 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Truist Financial upped their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, The Goldman Sachs Group raised their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $386.67.

Cummins Price Performance

Cummins stock opened at $347.00 on Thursday. The company has a 50-day moving average price of $362.15 and a 200 day moving average price of $345.63. 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 stock has a market cap of $47.71 billion, a P/E ratio of 12.32, a PEG ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating 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 firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the previous year, the company earned $4.14 EPS. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current 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 issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.10%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

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.