Gulf International Bank UK Ltd Reduces Position in Cummins Inc. (NYSE:CMI)

Gulf International Bank UK Ltd trimmed its stake in Cummins Inc. (NYSE:CMI) by 1.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,098 shares of the company’s stock after selling 105 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Cummins were worth $3,520,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Global Trust Asset Management LLC raised its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new stake in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the fourth quarter worth about $27,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins in the third quarter valued at approximately $32,000. Finally, Kestra Investment Management LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $43,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Truist Financial lifted their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. The Goldman Sachs Group upped their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Robert W. Baird increased their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Barclays lifted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Price Performance

Shares of CMI stock opened at $364.35 on Friday. The firm has a market cap of $50.09 billion, a P/E ratio of 12.93, a P/E/G ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90. The firm has a fifty day moving average of $361.99 and a two-hundred day moving average of $343.63. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

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

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.00%. Cummins’s payout ratio is currently 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.