Oarsman Capital Inc. Increases Position in Cummins Inc. (NYSE:CMI)

Oarsman Capital Inc. lifted its holdings in Cummins Inc. (NYSE:CMI) by 12.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,379 shares of the company’s stock after purchasing an additional 496 shares during the period. Oarsman Capital Inc.’s holdings in Cummins were worth $1,527,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. State Street Corp lifted its holdings in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Geode Capital Management LLC boosted its position in Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after buying an additional 84,112 shares during the period. Fisher Asset Management LLC increased its position in shares of Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after acquiring an additional 66,887 shares during the period. Finally, Norges Bank bought a new stake in shares of Cummins during the fourth quarter valued at approximately $499,490,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 5.9 %

Shares of CMI stock opened at $277.82 on Friday. The stock’s fifty day moving average price is $345.89 and its 200 day moving average price is $348.27. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The company has a market cap of $38.19 billion, a price-to-earnings ratio of 9.86, a price-to-earnings-growth 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.

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, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for 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 company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.14 earnings per share. On average, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.62%. Cummins’s payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. decreased their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Evercore ISI increased their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Truist Financial boosted 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. Finally, Robert W. Baird increased their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Cummins has an average rating of “Hold” and an average price target of $383.67.

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.