National Bank of Canada FI Acquires 3,298 Shares of Cummins Inc. (NYSE:CMI)

National Bank of Canada FI increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,344 shares of the company’s stock after purchasing an additional 3,298 shares during the quarter. National Bank of Canada FI owned 0.06% of Cummins worth $28,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Norges Bank bought a new position in Cummins during the 4th quarter valued at about $499,490,000. Raymond James Financial Inc. bought a new position in Cummins during the fourth quarter valued at approximately $187,082,000. Vanguard Group Inc. boosted its holdings in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Cummins in the 4th quarter worth approximately $71,279,000. Finally, Amundi raised its stake in Cummins by 32.3% during the 4th quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after buying an additional 188,254 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 1.5 %

Shares of CMI stock opened at $320.04 on Thursday. The stock has a fifty day simple moving average of $349.15 and a two-hundred day simple moving average of $348.80. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The firm has a market capitalization of $44.00 billion, a PE ratio of 11.36, a PEG ratio of 2.19 and a beta of 1.01. 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 (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the company earned $4.14 EPS. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.27%. Cummins’s dividend payout ratio is 25.84%.

Analyst Ratings Changes

CMI has been the topic of a number of research reports. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup reduced their price target on shares of Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a research report on Monday. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. UBS Group reduced their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Finally, Jefferies Financial Group lifted their price target 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 analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $383.67.

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.