Welch & Forbes LLC Trims Stock Position in Cummins Inc. (NYSE:CMI)

Welch & Forbes LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 2.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 45,930 shares of the company’s stock after selling 1,269 shares during the period. Welch & Forbes LLC’s holdings in Cummins were worth $16,011,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CMI. Global Trust Asset Management LLC increased its stake 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 valued at $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins in the 4th quarter valued at about $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins in the 4th quarter valued at about $27,000. SBI Securities Co. Ltd. purchased a new position in shares of Cummins in the 4th quarter valued at about $30,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Cummins in the 3rd quarter valued at about $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Evercore ISI lifted their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Finally, Citigroup lowered their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Cummins has an average rating of “Hold” and a consensus target price of $386.67.

Cummins Stock Down 0.8 %

Shares of CMI opened at $344.49 on Friday. The stock has a market capitalization of $47.36 billion, a PE ratio of 12.23, a P/E/G ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company’s 50-day simple moving average is $361.95 and its 200-day simple moving average is $345.63.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) 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 analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.14 earnings per share. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.11%. 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.