Wealthfront Advisers LLC Boosts Stake in Cummins Inc. (NYSE:CMI)

Wealthfront Advisers LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 169.8% during the fourth quarter, HoldingsChannel reports. The firm owned 27,616 shares of the company’s stock after purchasing an additional 17,382 shares during the quarter. Wealthfront Advisers LLC’s holdings in Cummins were worth $9,627,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CMI. Raymond James Financial Inc. purchased a new position in shares of Cummins during the 4th quarter worth $187,082,000. Proficio Capital Partners LLC purchased a new position in shares of Cummins during the 4th quarter worth $71,279,000. Amundi lifted its stake in shares of Cummins by 32.3% during the 4th quarter. Amundi now owns 771,038 shares of the company’s stock worth $277,381,000 after purchasing an additional 188,254 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares during the period. Finally, State Street Corp lifted its stake in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.4 %

Shares of NYSE CMI opened at $330.64 on Thursday. Cummins Inc. has a 12-month low of $260.88 and a 12-month high of $387.90. The company has a market cap of $45.46 billion, a P/E ratio of 11.74, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a fifty day moving average price of $360.73 and a 200 day moving average price of $346.75.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.14 EPS. Research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. Cummins’s dividend payout ratio is presently 25.84%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CMI. Jefferies Financial Group increased their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Finally, Truist Financial upped 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. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target 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.