Concentric Capital Strategies LP Invests $10.73 Million in Cummins Inc. (NYSE:CMI)

Concentric Capital Strategies LP purchased a new position in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 30,769 shares of the company’s stock, valued at approximately $10,726,000.

A number of other large investors have also modified their holdings of CMI. Global Trust Asset Management LLC increased its holdings in shares of Cummins by 59.6% in the fourth 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 in the last quarter. BankPlus Trust Department acquired a new position in Cummins in the 4th quarter valued at approximately $26,000. Compass Financial Services Inc acquired a new stake in Cummins during the fourth quarter valued at $27,000. Meeder Asset Management Inc. raised its position in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the period. Finally, TCTC Holdings LLC acquired a new position in shares of Cummins in the fourth quarter valued at $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CMI. Morgan Stanley upped their target price on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday. Barclays boosted 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. JPMorgan Chase & Co. increased their price target on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a report on Tuesday. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Finally, Truist Financial lowered their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $347.69.

Cummins Stock Down 1.2 %

Shares of Cummins stock opened at $298.64 on Wednesday. The business’s fifty day moving average price is $307.85 and its two-hundred day moving average price is $341.97. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a market capitalization of $41.14 billion, a P/E ratio of 10.60, a PEG ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the business earned $5.08 EPS. As a group, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is currently 36.22%.

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.