Korea Investment CORP Has $34.54 Million Position in Cummins Inc. (NYSE:CMI)

Korea Investment CORP lessened its stake in Cummins Inc. (NYSE:CMI) by 37.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 99,094 shares of the company’s stock after selling 58,553 shares during the quarter. Korea Investment CORP owned 0.07% of Cummins worth $34,544,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC boosted its position in Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after purchasing an additional 9,245 shares during the last quarter. Townsquare Capital LLC raised its stake in shares of Cummins by 7.3% during the 3rd quarter. Townsquare Capital LLC now owns 3,287 shares of the company’s stock worth $1,064,000 after purchasing an additional 223 shares in the last quarter. CreativeOne Wealth LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at about $295,000. Fiduciary Trust Co grew its stake in shares of Cummins by 26.3% in the 3rd quarter. Fiduciary Trust Co now owns 2,428 shares of the company’s stock valued at $786,000 after buying an additional 505 shares in the last quarter. Finally, Financial Counselors Inc. increased its holdings in Cummins by 230.4% in the third quarter. Financial Counselors Inc. now owns 3,393 shares of the company’s stock worth $1,099,000 after buying an additional 2,366 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 3.1 %

Shares of CMI stock opened at $313.45 on Friday. The firm has a market capitalization of $43.09 billion, a P/E ratio of 11.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The firm’s fifty day simple moving average is $352.17 and its 200 day simple moving average is $348.05. 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 posted its quarterly earnings data 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. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the firm posted $4.14 EPS. The business’s revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.32%. Cummins’s dividend payout ratio is currently 25.84%.

Analysts Set New Price Targets

Several analysts have commented on the stock. 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. 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. Truist Financial upped their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Robert W. Baird raised their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Finally, Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $389.50.

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.