IFP Advisors Inc Purchases 390 Shares of Cummins Inc. (NYSE:CMI)

IFP Advisors Inc raised its position in shares of Cummins Inc. (NYSE:CMI) by 12.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,417 shares of the company’s stock after purchasing an additional 390 shares during the quarter. IFP Advisors Inc’s holdings in Cummins were worth $1,191,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CMI. Global Trust Asset Management LLC raised its holdings in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. Compass Financial Services Inc purchased a new stake in Cummins during the 4th quarter valued at $27,000. Prospera Private Wealth LLC bought a new stake in shares of Cummins in the 3rd quarter worth $32,000. Kestra Investment Management LLC purchased a new position in shares of Cummins in the fourth quarter worth $43,000. Finally, Ashton Thomas Securities LLC bought a new position in shares of Cummins during the third quarter valued at $55,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE CMI opened at $367.04 on Thursday. The business’s fifty day moving average is $361.70 and its 200 day moving average is $343.49. Cummins Inc. has a fifty-two week low of $260.88 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a market capitalization of $50.46 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last announced 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. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the prior year, the company posted $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. The Goldman Sachs Group boosted their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, Evercore ISI raised their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Eight research 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, Cummins has an average rating of “Hold” and an average target price 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.