South Plains Financial Inc. Invests $879,000 in Cummins Inc. (NYSE:CMI)

South Plains Financial Inc. bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,522 shares of the company's stock, valued at approximately $879,000.

Other hedge funds also recently made changes to their positions in the company. Advisory Resource Group raised its stake in Cummins by 1.0% in the third quarter. Advisory Resource Group now owns 15,328 shares of the company's stock valued at $4,963,000 after purchasing an additional 155 shares in the last quarter. SkyView Investment Advisors LLC lifted its holdings in shares of Cummins by 3.9% during the 3rd quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company's stock worth $1,727,000 after acquiring an additional 202 shares during the period. Stock Yards Bank & Trust Co. boosted its position in shares of Cummins by 1.8% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company's stock worth $1,648,000 after acquiring an additional 88 shares in the last quarter. Pine Valley Investments Ltd Liability Co bought a new position in Cummins in the third quarter valued at approximately $209,000. Finally, Wilmington Savings Fund Society FSB raised its position in Cummins by 18.9% during the third quarter. Wilmington Savings Fund Society FSB now owns 4,990 shares of the company's stock valued at $1,616,000 after purchasing an additional 794 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

CMI stock traded down $3.61 during midday trading on Tuesday, reaching $298.69. 325,863 shares of the company's stock traded hands, compared to its average volume of 805,466. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market capitalization of $41.14 billion, a PE ratio of 10.59, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a 50-day moving average price of $309.16 and a two-hundred day moving average price of $342.27.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. During the same quarter last year, the firm posted $5.08 EPS. The company's revenue was down 2.7% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business 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. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio (DPR) is presently 25.84%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CMI. StockNews.com cut Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and boosted their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Citigroup decreased their price target on shares of Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Truist Financial lowered their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $347.69.

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.