Cummins Inc. (NYSE:CMI) Stake Trimmed by First Business Financial Services Inc.

First Business Financial Services Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 4.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 864 shares of the company’s stock after selling 40 shares during the quarter. First Business Financial Services Inc.’s holdings in Cummins were worth $301,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. State Street Corp increased its stake in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares in the last quarter. Fisher Asset Management LLC increased its stake in Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. FMR LLC grew its stake in Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after acquiring an additional 9,245 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after acquiring an additional 120,579 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Cummins by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock valued at $308,303,000 after acquiring an additional 17,687 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.1 %

CMI opened at $347.00 on Thursday. The business has a 50 day moving average price of $362.15 and a 200 day moving average price of $345.63. Cummins Inc. has a twelve month low of $260.88 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market cap of $47.71 billion, a P/E ratio of 12.32, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate 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 period in the previous year, the company earned $4.14 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.10%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Analysts Set New Price Targets

Several research firms have weighed in on CMI. Citigroup lowered their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Truist Financial lifted their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Evercore ISI lifted their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $386.67.

Cummins 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.