Allianz SE Invests $736,000 in Cummins Inc. (NYSE:CMI)

Allianz SE purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,110 shares of the company’s stock, valued at approximately $736,000.

A number of other hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC increased 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 purchased a new position in shares of Cummins in the 4th quarter valued at approximately $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the 4th quarter worth about $27,000. TCTC Holdings LLC bought a new position in Cummins during the 4th quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. bought a new position in Cummins in the 4th quarter worth about $30,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $313.45 on Monday. The business’s 50-day moving average is $352.17 and its 200 day moving average is $348.80. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. The company has a market capitalization of $43.09 billion, a P/E ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating 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 firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the company earned $4.14 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.32%. Cummins’s payout ratio is currently 25.84%.

Wall Street Analyst Weigh In

A number of research firms have commented on CMI. Truist Financial lifted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Jefferies Financial Group raised their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. JPMorgan Chase & Co. cut their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $389.50.

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.