Harvest Fund Management Co. Ltd Takes Position in Cummins Inc. (NYSE:CMI)

Harvest Fund Management Co. Ltd purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,184 shares of the company’s stock, valued at approximately $413,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Avior Wealth Management LLC boosted its position in shares of Cummins by 44.9% during the 3rd quarter. Avior Wealth Management LLC now owns 342 shares of the company’s stock valued at $111,000 after acquiring an additional 106 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the 3rd quarter valued at about $32,000. Cornerstone Advisors LLC boosted its position in shares of Cummins by 117.2% during the 3rd quarter. Cornerstone Advisors LLC now owns 6,300 shares of the company’s stock valued at $2,040,000 after acquiring an additional 3,400 shares during the last quarter. King Luther Capital Management Corp boosted its position in shares of Cummins by 0.4% during the 3rd quarter. King Luther Capital Management Corp now owns 19,285 shares of the company’s stock valued at $6,244,000 after acquiring an additional 78 shares during the last quarter. Finally, Cypress Capital Group acquired a new position in Cummins in the third quarter valued at about $706,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $321.78 on Friday. The company has a market capitalization of $44.24 billion, a P/E ratio of 11.42, a PEG ratio of 2.19 and a beta of 1.01. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. The business has a 50 day simple moving average of $355.99 and a 200-day simple moving average of $347.12. 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 posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $4.14 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. Truist Financial upped their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Robert W. Baird boosted their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. UBS Group cut their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average price target of $389.50.

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.