Lord Abbett & CO. LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 20.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 269,282 shares of the company's stock after selling 69,679 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.20% of Cummins worth $93,872,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new stake in Cummins during the fourth quarter worth about $499,490,000. Raymond James Financial Inc. acquired a new stake in Cummins during the fourth quarter worth about $187,082,000. Vanguard Group Inc. raised its stake in Cummins by 1.5% during the fourth 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. Neuberger Berman Group LLC raised its stake in Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after acquiring an additional 233,694 shares during the period. Finally, Proficio Capital Partners LLC acquired a new stake in Cummins during the fourth quarter worth about $71,279,000. Institutional investors and hedge funds own 83.46% of the company's stock.
Cummins Price Performance
Shares of Cummins stock traded down $3.50 on Wednesday, hitting $289.66. The company had a trading volume of 233,582 shares, compared to its average volume of 910,828. The business has a 50-day simple moving average of $314.45 and a 200-day simple moving average of $343.25. 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 $39.90 billion, a PE ratio of 10.28, a PEG ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90.
Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. During the same period last year, the firm posted $4.14 earnings per share. The firm's revenue for the quarter was down 1.1% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.
Cummins Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is 25.84%.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on CMI shares. JPMorgan Chase & Co. dropped their price objective on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. 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. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and raised their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Truist Financial dropped their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Finally, Barclays raised their price target on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $346.00.
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Cummins Profile
(
Free Report)
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.
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