Principal Securities Inc. Raises Stake in Cummins Inc. (NYSE:CMI)

Principal Securities Inc. boosted its position in Cummins Inc. (NYSE:CMI) by 14.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,752 shares of the company’s stock after buying an additional 356 shares during the quarter. Principal Securities Inc.’s holdings in Cummins were worth $959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. PFG Investments LLC boosted its stake in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after buying an additional 485 shares in the last quarter. Mariner Investment Group LLC bought a new stake in Cummins in the fourth quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC bought a new stake in Cummins in the third quarter valued at approximately $748,000. Franklin Resources Inc. lifted its position in Cummins by 74.2% in the third 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. Finally, Bank of Montreal Can lifted its position in Cummins by 21.2% in the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after purchasing an additional 68,627 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. Truist Financial boosted their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group upped their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, Evercore ISI upped their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Cummins presently has an average rating of “Hold” and a consensus target price of $386.67.

Cummins Price Performance

Shares of CMI stock opened at $386.22 on Thursday. The stock has a market cap of $53.10 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 2.13 and a beta of 1.00. The business’s fifty day moving average is $361.24 and its 200 day moving average is $340.82. Cummins Inc. has a twelve month low of $259.06 and a twelve month 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.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share 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 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 firm earned $4.14 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Dividend Announcement

The business 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 1.88%. Cummins’s dividend payout ratio is currently 25.84%.

Cummins 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.