Voya Investment Management LLC Acquires 85,865 Shares of Cummins Inc. (NYSE:CMI)

Voya Investment Management LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 21.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 495,407 shares of the company's stock after purchasing an additional 85,865 shares during the period. Voya Investment Management LLC owned approximately 0.36% of Cummins worth $172,699,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Global Trust Asset Management LLC increased its stake in shares of 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 buying an additional 28 shares during the period. BankPlus Trust Department bought a new position in Cummins in the fourth quarter valued at about $26,000. Compass Financial Services Inc bought a new position in Cummins in the fourth quarter valued at about $27,000. Meeder Asset Management Inc. increased its position in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new stake in Cummins during the 4th quarter worth about $28,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 0.7 %

Shares of CMI traded down $2.04 on Tuesday, hitting $292.18. The company's stock had a trading volume of 405,568 shares, compared to its average volume of 805,660. The firm's fifty day moving average price is $316.28 and its 200-day moving average price is $343.60. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $40.25 billion, a price-to-earnings ratio of 10.36, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. During the same quarter in the prior year, the company earned $4.14 earnings per share. The business's quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the subject of several analyst reports. JPMorgan Chase & Co. lowered their price target on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup cut their price target on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Truist Financial decreased 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. Finally, Barclays raised their target price on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of "Hold" and a consensus target price of $346.00.

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.