Congress Wealth Management LLC DE Buys 604 Shares of Cummins Inc. (NYSE:CMI)

Congress Wealth Management LLC DE lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 74.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,419 shares of the company’s stock after acquiring an additional 604 shares during the period. Congress Wealth Management LLC DE’s holdings in Cummins were worth $495,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Global Trust Asset Management LLC raised its holdings in shares of Cummins by 59.6% during the fourth 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 during the period. BankPlus Trust Department bought a new stake in Cummins in the 4th quarter valued at about $26,000. Compass Financial Services Inc acquired a new position in Cummins during the 4th quarter worth approximately $27,000. TCTC Holdings LLC bought a new position in Cummins in the fourth quarter worth approximately $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Cummins in the fourth quarter valued at approximately $30,000. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CMI shares. Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Barclays raised their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. decreased their target price on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday, March 18th. UBS Group dropped their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Finally, Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average target price of $389.50.

Cummins Price Performance

Cummins stock opened at $313.45 on Friday. The stock has a market cap of $43.09 billion, a P/E ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01. 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 company’s 50 day moving average price is $352.17 and its two-hundred day moving average price is $348.05. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share 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 return on equity of 27.12% and a net margin of 11.57%. The business’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.14 earnings per share. On average, equities analysts predict that Cummins Inc. will post 22.54 earnings per share 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 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 2.32%. Cummins’s payout ratio 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.