Fayez Sarofim & Co Has $2.86 Million Stock Position in Cummins Inc. (NYSE:CMI)

Fayez Sarofim & Co lifted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 72.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 8,195 shares of the company's stock after purchasing an additional 3,440 shares during the quarter. Fayez Sarofim & Co's holdings in Cummins were worth $2,857,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after acquiring an additional 250,650 shares during the period. Geode Capital Management LLC raised its position in shares of Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after purchasing an additional 84,112 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock valued at $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cummins by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock valued at $552,820,000 after purchasing an additional 12,722 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Cummins during the 4th quarter valued at approximately $499,490,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CMI shares. Morgan Stanley dropped their price objective on shares of Cummins from $425.00 to $340.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Citigroup dropped their price objective on shares of Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Robert W. Baird decreased their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, Evercore ISI lifted 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $346.00.

Cummins Price Performance

NYSE CMI traded down $0.40 on Friday, reaching $293.56. 576,426 shares of the stock traded hands, compared to its average volume of 807,069. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a market cap of $40.44 billion, a price-to-earnings ratio of 10.42, a P/E/G ratio of 2.19 and a beta of 1.07. The firm's fifty day simple moving average is $318.12 and its 200 day simple moving average is $343.89. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.14 earnings per share. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.48%. Cummins's dividend payout ratio is currently 25.84%.

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.