Lazard Asset Management LLC Has $15.73 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Lazard Asset Management LLC reduced its holdings in Cummins Inc. (NYSE:CMI) by 25.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 45,133 shares of the company’s stock after selling 15,479 shares during the quarter. Lazard Asset Management LLC’s holdings in Cummins were worth $15,732,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in CMI. LMR Partners LLP lifted its position in shares of Cummins by 194.2% in the 4th quarter. LMR Partners LLP now owns 3,021 shares of the company’s stock worth $1,053,000 after acquiring an additional 1,994 shares during the period. Logan Capital Management Inc. lifted its holdings in Cummins by 1.1% during the 4th quarter. Logan Capital Management Inc. now owns 18,162 shares of the company’s stock worth $6,331,000 after buying an additional 196 shares in the last quarter. Interval Partners LP bought a new position in Cummins in the fourth quarter valued at about $8,910,000. Janus Henderson Group PLC lifted its holdings in Cummins by 19.2% in the fourth quarter. Janus Henderson Group PLC now owns 94,641 shares of the company’s stock valued at $33,008,000 after buying an additional 15,271 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of Cummins during the fourth quarter worth $5,580,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Shares of CMI stock opened at $334.68 on Wednesday. The business’s 50-day moving average price is $304.14 and its 200-day moving average price is $341.42. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The firm has a market capitalization of $46.10 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 2.19 and a beta of 1.02. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.08 EPS. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. Cummins’s payout ratio is 36.22%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Robert W. Baird lowered their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $354.83.

About Cummins

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.