Charles Schwab Investment Management Inc. Buys 17,687 Shares of Cummins Inc. (NYSE:CMI)

Charles Schwab Investment Management Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 2.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 884,402 shares of the company’s stock after purchasing an additional 17,687 shares during the period. Charles Schwab Investment Management Inc. owned 0.64% of Cummins worth $308,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Global Trust Asset Management LLC grew its position in shares of 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 buying an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new stake in Cummins in the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new position in Cummins in the fourth quarter worth $27,000. SBI Securities Co. Ltd. acquired a new position in shares of Cummins during the fourth quarter worth $30,000. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at $32,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

NYSE CMI opened at $347.00 on Thursday. The firm has a market capitalization of $47.71 billion, a P/E ratio of 12.32, a PEG ratio of 2.19 and a beta of 1.00. The stock has a 50-day simple moving average of $362.15 and a two-hundred day simple moving average of $345.63. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a fifty-two week low of $260.88 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results 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. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period last year, the business earned $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Ratings Changes

Several brokerages recently weighed in on CMI. Evercore ISI upped 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. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Barclays raised their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, Truist Financial boosted their price objective on shares of Cummins from $424.00 to $425.00 and gave the company 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price 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.