South Plains Financial Inc. Purchases New Shares in Cummins Inc. (NYSE:CMI)

South Plains Financial Inc. acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,522 shares of the company's stock, valued at approximately $879,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Cummins during the 4th quarter valued at $499,490,000. Raymond James Financial Inc. purchased a new stake in Cummins during the fourth quarter valued at $187,082,000. Vanguard Group Inc. lifted its holdings in Cummins by 1.5% in the fourth 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 period. Northern Trust Corp boosted its position in Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after purchasing an additional 246,807 shares during the last quarter. Finally, Neuberger Berman Group LLC grew its stake in shares of Cummins by 57.0% during the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock valued at $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 analysts recently issued reports on the stock. 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 report on Wednesday, February 5th. Evercore ISI lifted their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Truist Financial reduced their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, UBS Group cut Cummins from a "buy" rating to a "sell" rating and reduced their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One investment 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $346.00.

Cummins Price Performance

CMI stock traded up $4.84 during midday trading on Friday, hitting $299.72. The company's stock had a trading volume of 1,327,472 shares, compared to its average volume of 803,556. 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 Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a 50 day moving average of $310.47 and a two-hundred day moving average of $342.44. The firm has a market capitalization 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.

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. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.14 earnings per share. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.43%. Cummins's dividend payout ratio (DPR) is 25.84%.

About Cummins

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.