Bailard Inc. Trims Holdings in Cummins Inc. (NYSE:CMI)

Bailard Inc. trimmed its position in Cummins Inc. (NYSE:CMI) by 2.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,946 shares of the company’s stock after selling 1,300 shares during the quarter. Bailard Inc.’s holdings in Cummins were worth $19,503,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC boosted its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department bought a new position in Cummins in the 4th quarter worth approximately $26,000. Compass Financial Services Inc bought a new position in Cummins in the 4th quarter worth approximately $27,000. Prospera Private Wealth LLC bought a new position in Cummins in the 3rd quarter worth approximately $32,000. Finally, Providence First Trust Co bought a new position in Cummins in the 4th quarter worth approximately $35,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

CMI stock opened at $367.90 on Friday. 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 business’s fifty day simple moving average is $362.32 and its two-hundred day simple moving average is $344.54. Cummins Inc. has a twelve month low of $260.88 and a twelve month high of $387.90. The firm has a market cap of $50.58 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the firm posted $4.14 earnings per share. The business’s revenue was down 1.1% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

A number of research firms have recently commented on CMI. Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Robert W. Baird increased their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Finally, Truist Financial increased their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price 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.