First American Bank Has $4.71 Million Stake in Cummins Inc. (NYSE:CMI)

First American Bank grew its holdings in Cummins Inc. (NYSE:CMI) by 4.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,506 shares of the company’s stock after purchasing an additional 561 shares during the quarter. First American Bank’s holdings in Cummins were worth $4,708,000 as of its most recent filing with the SEC.

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Evercore ISI raised their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Truist Financial boosted their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $386.67.

Cummins Price Performance

NYSE:CMI opened at $364.35 on Friday. 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 cap of $50.09 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 12 month low of $260.88 and a 12 month high of $387.90. The company’s 50-day moving average price is $361.99 and its two-hundred day moving average price is $343.63.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the previous year, the business earned $4.14 EPS. Cummins’s revenue 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 fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.00%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

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.