Congress Wealth Management LLC DE Purchases 604 Shares of Cummins Inc. (NYSE:CMI)

Congress Wealth Management LLC DE boosted its position in Cummins Inc. (NYSE:CMI) by 74.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,419 shares of the company’s stock after purchasing an additional 604 shares during the period. Congress Wealth Management LLC DE’s holdings in Cummins were worth $495,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Mariner Investment Group LLC purchased a new stake in Cummins in the 4th quarter worth about $1,046,000. Franklin Resources Inc. increased its stake in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares in the last quarter. Axxcess Wealth Management LLC raised its position in shares of Cummins by 133.4% in the fourth quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock valued at $2,021,000 after purchasing an additional 3,314 shares during the period. Concurrent Investment Advisors LLC lifted its stake in shares of Cummins by 296.0% during the 4th quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock valued at $4,128,000 after buying an additional 8,851 shares in the last quarter. Finally, Capital Investment Advisors LLC boosted its holdings in Cummins by 2.0% in the 4th quarter. Capital Investment Advisors LLC now owns 110,386 shares of the company’s stock worth $38,481,000 after buying an additional 2,211 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of analyst reports. Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. UBS Group dropped their price objective on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. JPMorgan Chase & Co. reduced their target price on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Citigroup decreased their price target on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, Truist Financial raised 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. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $389.50.

Cummins Trading Down 3.1 %

Shares of Cummins stock opened at $313.45 on Friday. 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 Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The firm has a market cap of $43.09 billion, a PE ratio of 11.13, a PEG ratio of 2.19 and a beta of 1.01. The company has a 50 day simple moving average of $352.17 and a two-hundred day simple moving average of $348.05.

Cummins (NYSE:CMI) last posted 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. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $4.14 EPS. Analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.32%. Cummins’s dividend payout ratio (DPR) is presently 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.