Royce & Associates LP Sells 1,500 Shares of Cummins Inc. (NYSE:CMI)

Royce & Associates LP reduced its position in Cummins Inc. (NYSE:CMI) by 12.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,000 shares of the company’s stock after selling 1,500 shares during the quarter. Royce & Associates LP’s holdings in Cummins were worth $3,835,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CMI. Global Trust Asset Management LLC boosted its position in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department bought a new position in shares of Cummins in the fourth quarter valued at approximately $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the fourth quarter valued at approximately $27,000. SBI Securities Co. Ltd. bought a new position in shares of Cummins in the fourth quarter valued at approximately $30,000. Finally, Prospera Private Wealth LLC bought a new position in shares of Cummins in the third quarter valued at approximately $32,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CMI. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Evercore ISI lifted their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Robert W. Baird lifted their target price 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. Truist Financial lifted their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Finally, Citigroup dropped their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $389.50.

Cummins Stock Up 1.5 %

Shares of NYSE CMI opened at $327.24 on Thursday. 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’s fifty day moving average is $357.35 and its 200 day moving average is $347.20. The company has a market cap of $44.99 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 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 period in the previous year, the firm earned $4.14 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend 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.