BankPlus Trust Department Invests $26,000 in Cummins Inc. (NYSE:CMI)

BankPlus Trust Department acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, HoldingsChannel reports. The firm acquired 75 shares of the company’s stock, valued at approximately $26,000.

Several other institutional investors have also bought and sold shares of CMI. Assenagon Asset Management S.A. lifted its stake in shares of Cummins by 164.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 13,974 shares of the company’s stock worth $4,525,000 after acquiring an additional 8,685 shares during the period. Allworth Financial LP lifted its position in Cummins by 11.4% in the third quarter. Allworth Financial LP now owns 2,756 shares of the company’s stock worth $892,000 after purchasing an additional 282 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Cummins by 7.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,701 shares of the company’s stock worth $3,819,000 after purchasing an additional 851 shares during the period. PFG Investments LLC boosted its stake in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Cummins by 7.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,355 shares of the company’s stock valued at $5,619,000 after purchasing an additional 1,236 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.1 %

NYSE CMI opened at $360.91 on Wednesday. The firm’s 50 day moving average price is $361.37 and its two-hundred day moving average price is $343.32. 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 twelve month low of $260.88 and a twelve month high of $387.90. The stock has a market cap of $49.62 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during 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 quarter last year, the firm posted $4.14 earnings per share. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.02%. Cummins’s dividend payout ratio is 25.84%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CMI. Evercore ISI upped 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. Citigroup cut their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Truist Financial lifted their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Finally, Barclays raised their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average 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.