Sagespring Wealth Partners LLC Makes New $576,000 Investment in Cummins Inc. (NYSE:CMI)

Sagespring Wealth Partners LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,652 shares of the company’s stock, valued at approximately $576,000.

A number of other hedge funds have also recently made changes to their positions in the business. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% during the 4th 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 purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the fourth quarter worth approximately $27,000. Meeder Asset Management Inc. increased its stake in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new stake in Cummins during the 4th quarter valued at $28,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and lowered their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Citigroup dropped their price target on Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Truist Financial decreased their price objective on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, 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 note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $354.17.

Cummins Price Performance

NYSE CMI opened at $288.10 on Tuesday. The stock has a market cap of $39.68 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company’s 50 day moving average is $333.97 and its two-hundred day moving average is $346.72. 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 released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping 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 analyst estimates of $8.06 billion. During the same quarter in the prior year, the company posted $4.14 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend 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.