Cummins Inc. (NYSE:CMI) Stake Lessened by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 1.7% during the fourth quarter, HoldingsChannel reports. The fund owned 2,790 shares of the company’s stock after selling 49 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in Cummins were worth $973,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Cozad Asset Management Inc. grew its stake in Cummins by 2.9% in the fourth quarter. Cozad Asset Management Inc. now owns 3,493 shares of the company’s stock worth $1,218,000 after purchasing an additional 100 shares in the last quarter. TCTC Holdings LLC bought a new position in Cummins during the 4th quarter worth approximately $28,000. Signaturefd LLC grew its position in shares of Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after acquiring an additional 28 shares in the last quarter. Cibc World Markets Corp increased its holdings in shares of Cummins by 16.4% in the 4th quarter. Cibc World Markets Corp now owns 21,661 shares of the company’s stock valued at $7,551,000 after acquiring an additional 3,055 shares during the last quarter. Finally, SouthState Corp raised its position in shares of Cummins by 384.6% during the 4th quarter. SouthState Corp now owns 1,260 shares of the company’s stock valued at $439,000 after acquiring an additional 1,000 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research reports. Truist Financial lifted their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Citigroup decreased their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. JPMorgan Chase & Co. dropped their price objective on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research note on Tuesday. Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $389.50.

Cummins Stock Up 1.5 %

Shares of Cummins stock opened at $327.24 on Thursday. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The company has a market capitalization of $44.99 billion, a P/E ratio of 11.62, a PEG ratio of 2.19 and a beta of 1.01. The business’s fifty day moving average price is $357.35 and its two-hundred day moving average price is $347.20. 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 for the quarter, topping the consensus estimate 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 company posted $4.14 earnings per share. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

About Cummins

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.