HBK Sorce Advisory LLC Buys 715 Shares of Cummins Inc. (NYSE:CMI)

HBK Sorce Advisory LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 24.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,669 shares of the company’s stock after purchasing an additional 715 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Cummins were worth $1,279,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the period. KG&L Capital Management LLC lifted its stake in shares of Cummins by 0.8% during the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after buying an additional 28 shares in the last quarter. Massachusetts Wealth Management lifted its stake in shares of Cummins by 0.6% during the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after buying an additional 30 shares in the last quarter. Avestar Capital LLC boosted its holdings in Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after buying an additional 31 shares during the period. Finally, Mayflower Financial Advisors LLC grew its stake in Cummins by 2.0% in the 4th quarter. Mayflower Financial Advisors LLC now owns 1,631 shares of the company’s stock valued at $568,000 after buying an additional 32 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Truist Financial lifted 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. Robert W. Baird increased their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $386.67.

Cummins Trading Down 5.5 %

Shares of Cummins stock opened at $312.65 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The firm has a market cap of $42.98 billion, a PE ratio of 11.10, a PEG ratio of 2.19 and a beta of 1.01. The company has a 50 day simple moving average of $360.03 and a two-hundred day simple moving average of $346.51.

Cummins (NYSE:CMI) last posted 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. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.14 EPS. Analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.33%. Cummins’s dividend payout ratio (DPR) is presently 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.