Wealthfront Advisers LLC Increases Holdings in Cummins Inc. (NYSE:CMI)

Wealthfront Advisers LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 169.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,616 shares of the company’s stock after buying an additional 17,382 shares during the period. Wealthfront Advisers LLC’s holdings in Cummins were worth $9,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Mariner Investment Group LLC purchased a new stake in Cummins during the 4th quarter worth about $1,046,000. Alpha DNA Investment Management LLC purchased a new stake in Cummins during the 3rd quarter worth about $748,000. Franklin Resources Inc. lifted its holdings in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after buying an additional 99,464 shares during the last quarter. Bank of Montreal Can lifted its holdings in Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after buying an additional 68,627 shares during the last quarter. Finally, Hancock Whitney Corp lifted its holdings in Cummins by 545.1% during the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after buying an additional 32,642 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

CMI opened at $330.64 on Thursday. The stock has a market cap of $45.46 billion, a P/E ratio of 11.74, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $360.73 and its 200 day simple moving average is $346.75. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors 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 2.20%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CMI shares. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Evercore ISI boosted their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Jefferies Financial Group boosted their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Bank of America raised 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 report on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently 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.