Applied Finance Capital Management LLC Sells 2,413 Shares of Cummins Inc. (NYSE:CMI)

Applied Finance Capital Management LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,346 shares of the company’s stock after selling 2,413 shares during the quarter. Cummins comprises approximately 2.0% of Applied Finance Capital Management LLC’s portfolio, making the stock its 18th biggest holding. Applied Finance Capital Management LLC owned approximately 0.10% of Cummins worth $46,833,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after buying an additional 250,650 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after acquiring an additional 84,112 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after acquiring an additional 66,887 shares in the last quarter. Norges Bank bought a new stake in shares of Cummins in the 4th quarter worth approximately $499,490,000. Finally, FMR LLC boosted its stake in shares of Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after purchasing an additional 67,266 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and lowered their price target for the stock from $400.00 to $240.00 in a research note on Monday. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Finally, Truist Financial raised their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $370.33.

Cummins Trading Down 0.8 %

Shares of CMI opened at $275.32 on Tuesday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. 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 firm’s 50-day moving average price is $344.43 and its 200-day moving average price is $348.70. The firm has a market capitalization of $37.92 billion, a price-to-earnings ratio of 9.77, a PEG ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.14 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared 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 yield of 2.64%. Cummins’s dividend payout ratio (DPR) is currently 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.