Cummins Inc. (NYSE:CMI) Shares Purchased by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC increased its position in Cummins Inc. (NYSE:CMI) by 38.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,149 shares of the company’s stock after acquiring an additional 1,153 shares during the period. Sequoia Financial Advisors LLC’s holdings in Cummins were worth $1,446,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CMI. Curi RMB Capital LLC acquired a new position in shares of Cummins during the third quarter worth approximately $243,000. Tokio Marine Asset Management Co. Ltd. grew its stake in shares of Cummins by 3.3% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,038 shares of the company’s stock worth $1,307,000 after purchasing an additional 128 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in shares of Cummins by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 8,057 shares of the company’s stock valued at $2,609,000 after purchasing an additional 511 shares during the period. Balboa Wealth Partners bought a new stake in shares of Cummins during the third quarter valued at about $337,000. Finally, CIBC Asset Management Inc lifted its holdings in Cummins by 7.3% in the third quarter. CIBC Asset Management Inc now owns 23,340 shares of the company’s stock worth $7,557,000 after purchasing an additional 1,582 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on CMI shares. Evercore ISI raised their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Friday. Truist Financial upped their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Citigroup lowered their price target on 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 upped their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $392.64.

Cummins Trading Up 3.0 %

Shares of CMI opened at $322.24 on Friday. The business’s 50-day moving average price is $359.39 and its 200 day moving average price is $346.87. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $44.30 billion, a P/E ratio of 11.44, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last released its earnings results 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. The business had revenue of $8.45 billion for 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 firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $4.14 earnings per share. Analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. Cummins’s dividend payout ratio is 25.84%.

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.