Cary Street Partners Financial LLC Invests $322,000 in Cummins Inc. (NYSE:CMI)

Cary Street Partners Financial LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 924 shares of the company's stock, valued at approximately $322,000.

Several other institutional investors also recently bought and sold shares of CMI. Atlas Brown Inc. grew its stake in Cummins by 147.4% during the fourth quarter. Atlas Brown Inc. now owns 5,208 shares of the company's stock worth $1,816,000 after buying an additional 3,103 shares during the period. Graypoint LLC lifted its position in Cummins by 2.0% during the 4th quarter. Graypoint LLC now owns 1,874 shares of the company's stock worth $653,000 after acquiring an additional 36 shares in the last quarter. Czech National Bank boosted its holdings in Cummins by 6.5% in the 4th quarter. Czech National Bank now owns 29,744 shares of the company's stock worth $10,369,000 after acquiring an additional 1,826 shares during the period. Matrix Trust Co grew its position in Cummins by 520.5% in the fourth quarter. Matrix Trust Co now owns 273 shares of the company's stock valued at $95,000 after acquiring an additional 229 shares in the last quarter. Finally, Trust Co. of Toledo NA OH raised its stake in shares of Cummins by 14.3% during the fourth quarter. Trust Co. of Toledo NA OH now owns 1,218 shares of the company's stock valued at $425,000 after purchasing an additional 152 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 1.2%

NYSE:CMI traded up $4.09 during trading hours on Tuesday, reaching $334.68. The company's stock had a trading volume of 965,392 shares, compared to its average volume of 810,038. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market cap of $46.10 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The business's 50-day moving average is $304.34 and its 200-day moving average is $341.47.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.08 EPS. Equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Analyst Ratings Changes

Several brokerages have recently weighed in on CMI. Evercore ISI upped their target price on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Barclays increased their price target on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Finally, Truist Financial dropped their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $354.83.

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.