Cummins Inc. (NYSE:CMI) Position Cut by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 1.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 10,098 shares of the company’s stock after selling 105 shares during the period. Gulf International Bank UK Ltd’s holdings in Cummins were worth $3,520,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Global Trust Asset Management LLC grew its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in shares of Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins in the fourth quarter valued at $27,000. Prospera Private Wealth LLC purchased a new stake in Cummins in the 3rd quarter worth about $32,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Cummins in the fourth quarter worth approximately $43,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 0.6 %

Shares of Cummins stock opened at $364.35 on Friday. Cummins Inc. has a 12-month low of $260.88 and a 12-month high of $387.90. The stock has a market capitalization of $50.09 billion, a P/E ratio of 12.93, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. The company has a 50-day simple moving average of $361.99 and a 200 day simple moving average of $343.63. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping 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 company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the business posted $4.14 earnings per share. The company’s revenue was down 1.1% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed 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 2.00%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Truist Financial boosted 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. Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Evercore ISI increased their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus target price 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.