BlackDiamond Wealth Management LLC Has $612,000 Stock Position in Cummins Inc. (NYSE:CMI)

BlackDiamond Wealth Management LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 11.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,755 shares of the company’s stock after selling 218 shares during the quarter. BlackDiamond Wealth Management LLC’s holdings in Cummins were worth $612,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Global Trust Asset Management LLC grew its holdings in 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 last quarter. KG&L Capital Management LLC grew its holdings in Cummins by 0.8% in the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after buying an additional 28 shares during the last quarter. Signaturefd LLC grew its holdings in Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock valued at $1,155,000 after buying an additional 28 shares during the last quarter. Massachusetts Wealth Management lifted its position in shares of Cummins by 0.6% in the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after acquiring an additional 30 shares during the period. Finally, Avestar Capital LLC lifted its position in shares of Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after acquiring an additional 31 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Truist Financial raised their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Citigroup reduced their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, Robert W. Baird raised their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $392.64.

Cummins Trading Up 1.4 %

Shares of CMI opened at $326.13 on Tuesday. The stock has a fifty day moving average price of $358.75 and a two-hundred day moving average price of $347.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The company has a market cap of $44.84 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the company posted $4.14 EPS. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal 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 paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. Cummins’s dividend payout ratio (DPR) is currently 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.