First Eagle Investment Management LLC Sells 309,483 Shares of Cummins Inc. (NYSE:CMI)

First Eagle Investment Management LLC decreased its position in Cummins Inc. (NYSE:CMI) by 16.7% during the 4th quarter, Holdings Channel.com reports. The fund owned 1,540,432 shares of the company’s stock after selling 309,483 shares during the quarter. First Eagle Investment Management LLC’s holdings in Cummins were worth $536,995,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. KG&L Capital Management LLC boosted its holdings in Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after acquiring an additional 28 shares during the last quarter. Massachusetts Wealth Management boosted its holdings in Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after acquiring an additional 30 shares during the last quarter. Avestar Capital LLC boosted its holdings in Cummins by 3.2% during the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after buying an additional 31 shares during the last quarter. Finally, Mayflower Financial Advisors LLC boosted its holdings in Cummins by 2.0% during the fourth quarter. Mayflower Financial Advisors LLC now owns 1,631 shares of the company’s stock worth $568,000 after buying an additional 32 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CMI. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Truist Financial raised their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Citigroup reduced their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Barclays raised their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Trading Down 5.5 %

NYSE CMI opened at $312.65 on Friday. The stock has a market capitalization of $42.98 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 2.19 and a beta of 1.01. The stock’s 50 day moving average price is $360.03 and its two-hundred day moving average price is $346.51. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm 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 business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.14 EPS. As a group, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company 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 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is 25.84%.

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.