Korea Investment CORP Has $34.54 Million Position in Cummins Inc. (NYSE:CMI)

Korea Investment CORP lessened its holdings in Cummins Inc. (NYSE:CMI) by 37.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 99,094 shares of the company’s stock after selling 58,553 shares during the period. Korea Investment CORP’s holdings in Cummins were worth $34,544,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC lifted its holdings in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in shares of Cummins during the 4th quarter worth about $26,000. Compass Financial Services Inc bought a new position in Cummins during the 4th quarter valued at about $27,000. TCTC Holdings LLC acquired a new position in Cummins in the fourth quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. bought a new stake in Cummins during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMI. Robert W. Baird lifted their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Citigroup decreased their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $389.50.

Cummins Trading Down 3.1 %

CMI opened at $313.45 on Friday. The firm has a 50 day simple moving average of $352.17 and a 200 day simple moving average of $348.05. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The company has a market cap of $43.09 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. 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 issued its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion during 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%. During the same quarter in the previous year, the company posted $4.14 EPS. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

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.