Harbour Investments Inc. Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Harbour Investments Inc. lifted its stake in Cummins Inc. (NYSE:CMI) by 2.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,723 shares of the company’s stock after purchasing an additional 39 shares during the quarter. Harbour Investments Inc.’s holdings in Cummins were worth $601,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC raised its holdings in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in Cummins in the 4th quarter worth approximately $26,000. Compass Financial Services Inc bought a new position in Cummins in the 4th quarter valued at approximately $27,000. SBI Securities Co. Ltd. purchased a new stake in Cummins during the 4th quarter valued at $30,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Cummins in the 3rd quarter worth $32,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $325.38 on Friday. The business’s fifty day moving average is $356.66 and its 200 day moving average is $347.05. Cummins Inc. has a fifty-two week low of $261.51 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 $44.73 billion, a PE ratio of 11.55, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $4.14 EPS. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

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

Wall Street Analysts Forecast Growth

CMI has been the topic of several recent analyst reports. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. UBS Group reduced their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research note on Tuesday. Truist Financial increased their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. cut their target price on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Evercore ISI increased their price target on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $389.50.

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.