Kennondale Capital Management LLC Makes New $1.36 Million Investment in Cummins Inc. (NYSE:CMI)

Kennondale Capital Management LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, Holdings Channel.com reports. The firm purchased 3,911 shares of the company’s stock, valued at approximately $1,364,000. Cummins makes up about 1.1% of Kennondale Capital Management LLC’s investment portfolio, making the stock its 24th largest position.

A number of other institutional investors also recently bought and sold shares of CMI. Global Trust Asset Management LLC lifted its holdings in Cummins by 59.6% during 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 purchased a new stake in shares of Cummins in the 4th quarter valued at about $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins in the 4th quarter valued at about $27,000. TCTC Holdings LLC purchased a new stake in shares of Cummins in the 4th quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Cummins in the 4th quarter valued at about $30,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CMI shares. Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Citigroup reduced their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Jefferies Financial Group boosted their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $392.64.

Cummins Stock Performance

NYSE CMI opened at $326.13 on Tuesday. 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 business’s 50 day moving average is $358.75 and its two-hundred day moving average is $347.28. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The stock has a market capitalization of $44.84 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last released its earnings results 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 return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the firm posted $4.14 EPS. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.23%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

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.