Price T Rowe Associates Inc. MD Sells 502,065 Shares of Cummins Inc. (NYSE:CMI)

Price T Rowe Associates Inc. MD lowered its holdings in Cummins Inc. (NYSE:CMI) by 8.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,297,988 shares of the company’s stock after selling 502,065 shares during the period. Price T Rowe Associates Inc. MD owned about 3.86% of Cummins worth $1,846,879,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fayez Sarofim & Co increased its position in shares of Cummins by 72.3% in the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock valued at $2,857,000 after acquiring an additional 3,440 shares during the last quarter. J. Safra Sarasin Holding AG bought a new stake in shares of Cummins during the 4th quarter worth approximately $2,550,000. Wealth Dimensions Group Ltd. bought a new stake in shares of Cummins during the 4th quarter worth approximately $241,000. TD Waterhouse Canada Inc. boosted its holdings in shares of Cummins by 7.2% in the 4th quarter. TD Waterhouse Canada Inc. now owns 4,871 shares of the company’s stock valued at $1,698,000 after buying an additional 327 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in Cummins by 24.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,210 shares of the company’s stock worth $2,165,000 after buying an additional 1,225 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CMI shares. 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 research report on Tuesday, April 8th. JPMorgan Chase & Co. cut their price objective on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Robert W. Baird decreased their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $346.00.

Cummins Price Performance

CMI stock opened at $278.74 on Wednesday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The company’s fifty day simple moving average is $323.22 and its 200 day simple moving average is $344.66. The firm has a market cap of $38.39 billion, a price-to-earnings ratio of 9.89, a PEG ratio of 2.19 and a beta of 1.07.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.61%. The ex-dividend date was Friday, February 21st. 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.