Cummins Inc. (NYSE:CMI) Stock Position Lowered by First Horizon Advisors Inc.

First Horizon Advisors Inc. lessened its position in Cummins Inc. (NYSE:CMI) by 0.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 67,887 shares of the company’s stock after selling 615 shares during the period. First Horizon Advisors Inc.’s holdings in Cummins were worth $23,666,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Global Trust Asset Management LLC grew its holdings in shares of Cummins by 59.6% in the 4th 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 last quarter. Compass Financial Services Inc acquired a new position in shares of Cummins in the 4th quarter worth $27,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins in the 3rd quarter worth $32,000. Kestra Investment Management LLC acquired a new position in shares of Cummins in the 4th quarter worth $43,000. Finally, Friedenthal Financial acquired a new position in shares of Cummins in the 4th quarter worth $55,000. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CMI. Evercore ISI lifted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Citigroup lowered their price target on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $386.67.

Cummins Stock Performance

Shares of NYSE CMI opened at $366.79 on Friday. The business’s 50-day moving average price is $361.51 and its two-hundred day moving average price is $342.05. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a one year low of $259.06 and a one year high of $387.90. The company has a market capitalization of $50.43 billion, a P/E ratio of 13.02, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $8.06 billion. During the same quarter in the previous year, the company posted $4.14 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. Cummins’s dividend payout ratio (DPR) is currently 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.