SlateStone Wealth LLC Boosts Stock Position in Cummins Inc. (NYSE:CMI)

SlateStone Wealth LLC increased its stake in Cummins Inc. (NYSE:CMI) by 8.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,984 shares of the company’s stock after buying an additional 383 shares during the period. SlateStone Wealth LLC’s holdings in Cummins were worth $1,737,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Global Trust Asset Management LLC grew its holdings in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins during the 4th quarter worth $27,000. SBI Securities Co. Ltd. purchased a new position in shares of Cummins during the 4th quarter worth $30,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Cummins during the 3rd quarter valued at $32,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 3.0 %

NYSE CMI opened at $322.24 on Friday. The stock has a market capitalization of $44.30 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The firm has a 50 day moving average of $359.39 and a two-hundred day moving average of $346.87.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 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 net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.14 EPS. As a group, research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.26%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research reports. Truist Financial lifted their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Robert W. Baird boosted their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Citigroup reduced their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $392.64.

About Cummins

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.