Freestone Grove Partners LP Invests $26.43 Million in Cummins Inc. (NYSE:CMI)

Freestone Grove Partners LP bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 75,820 shares of the company's stock, valued at approximately $26,431,000. Freestone Grove Partners LP owned approximately 0.06% of Cummins as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in Cummins in the 4th quarter worth $499,490,000. Raymond James Financial Inc. purchased a new position in shares of Cummins in the fourth quarter worth about $187,082,000. Vanguard Group Inc. lifted its stake in shares of Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after acquiring an additional 250,650 shares during the last quarter. Northern Trust Corp grew its position in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after acquiring an additional 246,807 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its stake in Cummins by 57.0% in the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after purchasing an additional 233,694 shares during the period. Institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Robert W. Baird dropped their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Truist Financial dropped their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Finally, Barclays upped their target price on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cummins currently has a consensus rating of "Hold" and a consensus price target of $346.00.

Cummins Stock Up 1.6 %

Shares of NYSE CMI traded up $4.84 on Friday, reaching $299.72. 1,327,472 shares of the company's stock traded hands, compared to its average volume of 803,556. The business's 50 day simple moving average is $310.47 and its two-hundred day simple moving average is $342.51. 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 $41.28 billion, a price-to-earnings ratio of 10.64, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. 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 (EPS) for the quarter, beating analysts' consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. During the same quarter in the previous year, the business earned $4.14 earnings per share. The firm's quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid 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 2.43%. Cummins's dividend payout ratio is presently 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.