Wealthspire Advisors LLC Has $658,000 Holdings in Cummins Inc. (NYSE:CMI)

Wealthspire Advisors LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 6.1% during the 4th quarter, Holdings Channel reports. The firm owned 1,887 shares of the company’s stock after purchasing an additional 108 shares during the period. Wealthspire Advisors LLC’s holdings in Cummins were worth $658,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CMI. Pathway Financial Advisers LLC grew its position in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the period. Fisher Asset Management LLC grew its holdings in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares during the period. State Street Corp increased its stake in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares in the last quarter. abrdn plc raised its holdings in Cummins by 22.5% in the third quarter. abrdn plc now owns 611,810 shares of the company’s stock worth $198,119,000 after purchasing an additional 112,529 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of Cummins by 74.2% during 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. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CMI has been the topic of several research analyst reports. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird boosted their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Jefferies Financial Group boosted their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Citigroup decreased their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $386.67.

Cummins Price Performance

NYSE:CMI opened at $360.91 on Wednesday. The stock has a market capitalization of $49.62 billion, a PE ratio of 12.81, a P/E/G ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90. The firm has a fifty day simple moving average of $361.37 and a 200 day simple moving average of $343.32. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

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

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Cummins 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.