Treasurer of the State of North Carolina Buys 380 Shares of Cummins Inc. (NYSE:CMI)

Treasurer of the State of North Carolina lifted its stake in Cummins Inc. (NYSE:CMI) by 0.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,090 shares of the company’s stock after purchasing an additional 380 shares during the period. Treasurer of the State of North Carolina’s holdings in Cummins were worth $20,947,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Mariner Investment Group LLC bought a new stake in shares of Cummins during the fourth quarter worth $1,046,000. National Bank of Canada FI increased its position in Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after purchasing an additional 3,298 shares during the period. Franklin Resources Inc. raised its holdings in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cummins by 4.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock valued at $54,876,000 after purchasing an additional 6,107 shares during the period. Finally, Axxcess Wealth Management LLC boosted its stake in shares of Cummins by 133.4% in the 4th quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock valued at $2,021,000 after purchasing an additional 3,314 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Truist Financial dropped their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday. Barclays increased their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Evercore ISI lifted their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. dropped their price objective on Cummins from $375.00 to $308.00 and set a “neutral” rating for the company in a report on Friday. Finally, Citigroup reduced their target price on Cummins from $360.00 to $320.00 and set a “buy” rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $354.17.

Cummins Trading Up 1.5 %

NYSE CMI opened at $286.00 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock’s 50-day moving average is $335.61 and its 200-day moving average is $346.83. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The firm has a market cap of $39.40 billion, a P/E ratio of 10.15, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI) last announced 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. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the company posted $4.14 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is presently 25.84%.

About Cummins

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.