Erste Asset Management GmbH Has $13.17 Million Stock Position in Cummins Inc. (NYSE:CMI)

Erste Asset Management GmbH grew its holdings in Cummins Inc. (NYSE:CMI) by 2.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,500 shares of the company’s stock after purchasing an additional 1,045 shares during the period. Erste Asset Management GmbH’s holdings in Cummins were worth $13,168,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in Cummins during the fourth quarter worth about $187,082,000. Proficio Capital Partners LLC acquired a new position in shares of Cummins during the 4th quarter worth approximately $71,279,000. Amundi raised 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 in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $312.65 on Friday. 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 company has a market cap of $42.98 billion, a PE ratio of 11.10, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a 50 day moving average of $360.03 and a 200-day moving average of $346.51. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data 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. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $4.14 earnings per share. As a group, equities research 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. Shareholders 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 annualized dividend and a yield of 2.33%. Cummins’s dividend payout ratio is presently 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent analyst reports. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Citigroup cut their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Evercore ISI upped their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Finally, Truist Financial lifted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $386.67.

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.