Mubadala Investment Co PJSC Invests $3.90 Million in Cummins Inc. (NYSE:CMI)

Mubadala Investment Co PJSC purchased a new position in Cummins Inc. (NYSE:CMI) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 11,195 shares of the company’s stock, valued at approximately $3,903,000. Cummins accounts for approximately 0.0% of Mubadala Investment Co PJSC’s investment portfolio, making the stock its 19th biggest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Global Trust Asset Management LLC grew its stake 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 worth $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department bought a new position in shares of Cummins in the fourth quarter worth $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the fourth quarter worth $27,000. Meeder Asset Management Inc. grew its stake in shares of Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC bought a new position in shares of Cummins in the fourth quarter worth $28,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CMI shares. Robert W. Baird lowered their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Citigroup lifted their price objective on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday. Truist Financial dropped their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Finally, Morgan Stanley upped their price target on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $354.83.

Cummins Trading Up 8.0%

Cummins stock opened at $331.15 on Tuesday. The company has a 50 day moving average price of $304.34 and a 200 day moving average price of $341.47. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market capitalization of $45.62 billion, a price-to-earnings ratio of 11.76, a P/E/G ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the business posted $5.08 EPS. The company’s revenue was down 2.7% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

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.