OFI Invest Asset Management Acquires Shares of 131 Cummins Inc. (NYSE:CMI)

OFI Invest Asset Management acquired a new stake in Cummins Inc. (NYSE:CMI) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 131 shares of the company’s stock, valued at approximately $44,000.

Other large investors also recently bought and sold shares of the company. Mariner Investment Group LLC acquired a new stake in Cummins in the fourth quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC purchased a new position in shares of Cummins during the 3rd quarter valued at approximately $748,000. Franklin Resources Inc. boosted its stake in shares of Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after buying an additional 99,464 shares during the last quarter. Bank of Montreal Can boosted its stake in shares of Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after buying an additional 68,627 shares during the last quarter. Finally, Hancock Whitney Corp boosted its stake in shares of Cummins by 545.1% during the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after buying an additional 32,642 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $333.82 on Tuesday. 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 stock has a market capitalization of $45.89 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The stock’s fifty day moving average is $361.48 and its two-hundred day moving average is $346.72.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CMI. Barclays increased 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. Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Robert W. Baird increased their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Citigroup reduced their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Evercore ISI increased 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 analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $386.67.

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.