Commerzbank Aktiengesellschaft FI Purchases New Shares in Cummins Inc. (NYSE:CMI)

Commerzbank Aktiengesellschaft FI acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 671 shares of the company’s stock, valued at approximately $234,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Proficio Capital Partners LLC purchased a new position in Cummins in the fourth quarter worth about $71,279,000. Fisher Asset Management LLC lifted its stake in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares during the last quarter. State Street Corp boosted its holdings in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the period. Bank of New York Mellon Corp increased its position in shares of Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after purchasing an additional 120,579 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after buying an additional 99,464 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI opened at $347.00 on Thursday. The company has a market capitalization of $47.71 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 2.19 and a beta of 1.00. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $260.88 and a 12-month high of $387.90. The business’s fifty day simple moving average is $362.15 and its 200-day simple moving average is $345.63.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the prior year, the business earned $4.14 EPS. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Analyst Upgrades and Downgrades

CMI has been the topic of several recent analyst reports. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays increased their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Truist Financial upped their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Robert W. Baird raised their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus price target of $386.67.

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.