Cummins Inc. (NYSE:CMI) Position Boosted by Schonfeld Strategic Advisors LLC

Schonfeld Strategic Advisors LLC raised its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 129.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 56,527 shares of the company's stock after buying an additional 31,869 shares during the quarter. Schonfeld Strategic Advisors LLC's holdings in Cummins were worth $19,705,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC raised its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new stake in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins in the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. lifted its stake in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC acquired a new stake in Cummins during the fourth quarter worth approximately $28,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Up 1.6 %

Shares of NYSE:CMI traded up $4.84 during mid-day trading on Friday, hitting $299.72. 1,327,472 shares of the company traded hands, compared to its average volume of 803,556. The firm's 50 day simple moving average is $310.47 and its 200 day simple moving average is $342.44. The firm has a market cap of $41.28 billion, a P/E ratio of 10.64, a PEG ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. 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 posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS 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 business had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. During the same period in the previous year, the company posted $4.14 earnings per share. The business's revenue for the quarter was down 1.1% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio (DPR) is 25.84%.

Analyst Ratings Changes

A number of research analysts have weighed in on CMI shares. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. JPMorgan Chase & Co. reduced their target price on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. 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. Robert W. Baird cut their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Truist Financial decreased their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. One 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.com, Cummins currently has an average rating of "Hold" and a consensus target price of $346.00.

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.