Cummins Inc. (NYSE:CMI) Holdings Boosted by Vinva Investment Management Ltd

Vinva Investment Management Ltd boosted its holdings in Cummins Inc. (NYSE:CMI) by 3.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 5,850 shares of the company’s stock after acquiring an additional 169 shares during the period. Vinva Investment Management Ltd’s holdings in Cummins were worth $2,038,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. State Street Corp raised its holdings in shares of Cummins by 2.1% during the third 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 during the last quarter. Fisher Asset Management LLC raised its holdings 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 valued at $1,071,059,000 after buying an additional 66,887 shares during the last quarter. FMR LLC raised its holdings in shares of Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after buying an additional 9,245 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Cummins by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after buying an additional 120,579 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Cummins by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock valued at $308,303,000 after buying an additional 17,687 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.5 %

Cummins stock opened at $325.38 on Friday. 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 firm has a market cap of $44.73 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The firm’s 50 day moving average price is $356.66 and its two-hundred day moving average price is $347.05.

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 firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the previous year, the company posted $4.14 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.24%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a report on Friday, March 14th. Evercore ISI boosted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. dropped their target price on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday. Jefferies Financial Group boosted their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $389.50.

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.