Sierra Summit Advisors LLC Raises Stock Position in Cummins Inc. (NYSE:CMI)

Sierra Summit Advisors LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 1.3% in the fourth quarter, HoldingsChannel reports. The fund owned 6,531 shares of the company’s stock after purchasing an additional 81 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Cummins were worth $2,277,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CMI. Centiva Capital LP purchased a new position in Cummins during the 3rd quarter worth $205,000. Wellington Management Group LLP grew its stake in shares of Cummins by 51.7% during the third quarter. Wellington Management Group LLP now owns 4,289 shares of the company’s stock worth $1,389,000 after acquiring an additional 1,462 shares during the last quarter. EP Wealth Advisors LLC increased its holdings in shares of Cummins by 80.7% during the third quarter. EP Wealth Advisors LLC now owns 3,390 shares of the company’s stock valued at $1,097,000 after acquiring an additional 1,514 shares in the last quarter. Zacks Investment Management raised its position in shares of Cummins by 61.6% in the 3rd quarter. Zacks Investment Management now owns 2,375 shares of the company’s stock valued at $769,000 after purchasing an additional 905 shares during the last quarter. Finally, Orion Portfolio Solutions LLC boosted its stake in Cummins by 7.7% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 10,748 shares of the company’s stock worth $3,480,000 after purchasing an additional 770 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

NYSE:CMI opened at $277.82 on Monday. The company has a 50 day moving average price of $345.89 and a 200-day moving average price of $348.94. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The firm 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 issued its quarterly earnings data 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 net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the firm posted $4.14 earnings per share. The company’s revenue was down 1.1% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have issued reports on CMI shares. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. JPMorgan Chase & Co. dropped their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 18th. Citigroup reduced their price objective on Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Truist Financial upped their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price 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.