Cummins Inc. (NYSE:CMI) Shares Purchased by SlateStone Wealth LLC

SlateStone Wealth LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 8.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,984 shares of the company’s stock after acquiring an additional 383 shares during the period. SlateStone Wealth LLC’s holdings in Cummins were worth $1,737,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC grew its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new stake in Cummins in the 4th quarter valued at about $26,000. Compass Financial Services Inc acquired a new stake in Cummins in the 4th quarter valued at about $27,000. SBI Securities Co. Ltd. acquired a new stake in Cummins in the 4th quarter valued at about $30,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins in the 3rd quarter valued at about $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 3.0 %

Shares of CMI stock opened at $322.24 on Friday. The firm’s 50 day moving average price is $359.39 and its two-hundred day moving average price is $346.87. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. 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 stock has a market cap of $44.30 billion, a price-to-earnings ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 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 business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the previous year, the company posted $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced 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. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. Cummins’s payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Friday. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Truist Financial lifted their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Citigroup decreased their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, Jefferies Financial Group raised their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Nine equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $392.64.

About Cummins

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.