Elo Mutual Pension Insurance Co Increases Stock Position in Cummins Inc. (NYSE:CMI)

Elo Mutual Pension Insurance Co grew its position in shares of Cummins Inc. (NYSE:CMI) by 17.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,184 shares of the company’s stock after purchasing an additional 2,110 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Cummins were worth $4,945,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CMI. Mariner Investment Group LLC purchased a new stake in shares of Cummins during the 4th quarter worth approximately $1,046,000. Franklin Resources Inc. raised its stake in Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares in the last quarter. Axxcess Wealth Management LLC lifted its position in Cummins by 133.4% during the fourth quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock valued at $2,021,000 after purchasing an additional 3,314 shares during the last quarter. Concurrent Investment Advisors LLC grew its stake in shares of Cummins by 296.0% in the 4th quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock worth $4,128,000 after buying an additional 8,851 shares in the last quarter. Finally, Capital Investment Advisors LLC raised its position in shares of Cummins by 2.0% during the 4th quarter. Capital Investment Advisors LLC now owns 110,386 shares of the company’s stock valued at $38,481,000 after buying an additional 2,211 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on CMI. Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Jefferies Financial Group boosted their price objective 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 raised their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Finally, Truist Financial upped their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $389.50.

Cummins Trading Down 1.2 %

CMI opened at $323.93 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock’s fifty day moving average is $353.22 and its two-hundred day moving average is $347.93. The company has a market capitalization of $44.53 billion, a P/E ratio of 11.50, a PEG ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90.

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

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.25%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

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.