Woodline Partners LP Makes New Investment in Cummins Inc. (NYSE:CMI)

Woodline Partners LP purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,238 shares of the company's stock, valued at approximately $2,872,000.

A number of other institutional investors have also recently modified their holdings of CMI. BankPlus Trust Department purchased a new stake in shares of Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the 4th quarter worth approximately $27,000. Meeder Asset Management Inc. grew its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares during the period. TCTC Holdings LLC purchased a new position in Cummins in the 4th quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. acquired a new position in Cummins during the fourth quarter worth $30,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.41% of the stock is currently owned by insiders.

Cummins Trading Down 0.9%

Shares of NYSE:CMI traded down $2.95 during midday trading on Wednesday, reaching $323.31. The company's stock had a trading volume of 449,432 shares, compared to its average volume of 802,643. The firm has a market cap of $44.54 billion, a price-to-earnings ratio of 11.48, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The business has a 50 day moving average price of $304.20 and a 200 day moving average price of $340.53. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. 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 posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. The company 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%. The company's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.08 EPS. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors 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 yield of 2.25%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is 36.22%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CMI shares. Truist Financial lowered their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Wall Street Zen cut shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Robert W. Baird cut 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. Citigroup upped their price target on shares of Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Barclays raised their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $357.25.

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.