Mission Wealth Management LP Increases Stake in Cummins Inc. (NYSE:CMI)

Mission Wealth Management LP grew its position in shares of Cummins Inc. (NYSE:CMI) by 2.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,362 shares of the company’s stock after acquiring an additional 86 shares during the period. Mission Wealth Management LP’s holdings in Cummins were worth $1,521,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC grew its position in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins during the fourth quarter valued at about $26,000. Compass Financial Services Inc purchased a new stake in Cummins in the fourth quarter worth about $27,000. SBI Securities Co. Ltd. bought a new position in shares of Cummins in the 4th quarter worth about $30,000. Finally, Prospera Private Wealth LLC purchased a new position in Cummins during the third quarter valued at $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $355.81 on Tuesday. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90. The stock has a market cap of $48.92 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 2.19 and a beta of 1.00. The business has a 50-day simple moving average of $362.41 and a two-hundred day simple moving average of $345.30. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (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 analysts’ expectations of $8.06 billion. During the same period in the prior year, the company posted $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared 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 of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.05%. Cummins’s dividend payout ratio is presently 25.84%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Truist Financial raised their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Evercore ISI lifted their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price 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.