Ascent Wealth Partners LLC Boosts Stock Position in Cummins Inc. (NYSE:CMI)

Ascent Wealth Partners LLC raised its stake in shares of Cummins Inc. (NYSE:CMI) by 95.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,635 shares of the company’s stock after acquiring an additional 9,107 shares during the period. Ascent Wealth Partners LLC’s holdings in Cummins were worth $6,496,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. MONECO Advisors LLC raised its stake in Cummins by 2.2% during the 4th quarter. MONECO Advisors LLC now owns 1,816 shares of the company’s stock valued at $633,000 after acquiring an additional 39 shares during the last quarter. Howard Capital Management Inc. increased its position in Cummins by 5.4% during the 4th quarter. Howard Capital Management Inc. now owns 885 shares of the company’s stock worth $309,000 after purchasing an additional 45 shares during the period. Wealthspire Advisors LLC increased its position in Cummins by 6.1% during the 4th quarter. Wealthspire Advisors LLC now owns 1,887 shares of the company’s stock worth $658,000 after purchasing an additional 108 shares during the period. Capital City Trust Co. FL increased its position in Cummins by 14.2% during the 4th quarter. Capital City Trust Co. FL now owns 770 shares of the company’s stock worth $268,000 after purchasing an additional 96 shares during the period. Finally, Sigma Planning Corp increased its position in Cummins by 10.0% during the 4th quarter. Sigma Planning Corp now owns 2,019 shares of the company’s stock worth $704,000 after purchasing an additional 184 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CMI. Evercore ISI boosted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Citigroup dropped their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, Robert W. Baird boosted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. 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, Cummins has an average rating of “Hold” and an average target price of $386.67.

Cummins Price Performance

Shares of NYSE:CMI opened at $366.79 on Friday. The business’s fifty day moving average price is $361.51 and its two-hundred day moving average price is $342.05. The stock has a market cap of $50.43 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a one year low of $259.06 and a one year high of $387.90.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The firm 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 quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.14 EPS. On average, analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 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.