SRN Advisors LLC Has $1.03 Million Stake in Cummins Inc. (NYSE:CMI)

SRN Advisors LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 18.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,942 shares of the company’s stock after selling 660 shares during the period. SRN Advisors LLC’s holdings in Cummins were worth $1,026,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Assenagon Asset Management S.A. raised its stake in Cummins by 164.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 13,974 shares of the company’s stock worth $4,525,000 after buying an additional 8,685 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Cummins by 7.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,701 shares of the company’s stock worth $3,819,000 after acquiring an additional 851 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Cummins by 7.7% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 17,355 shares of the company’s stock worth $5,619,000 after purchasing an additional 1,236 shares during the period. J.W. Cole Advisors Inc. raised its position in shares of Cummins by 28.3% during the third quarter. J.W. Cole Advisors Inc. now owns 3,299 shares of the company’s stock worth $1,068,000 after purchasing an additional 727 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in shares of Cummins during the 3rd quarter valued at about $212,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of NYSE CMI opened at $367.04 on Thursday. The stock has a market capitalization of $50.46 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90. The stock has a 50 day moving average price of $361.70 and a 200 day moving average price of $343.49. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last released its earnings results 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. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period last year, the business earned $4.14 earnings per share. The firm’s revenue was down 1.1% on a year-over-year basis. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. Cummins’s dividend payout ratio is 25.84%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CMI. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. 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. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Truist Financial boosted 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 equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins 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.