Cummins Inc. (NYSE:CMI) Short Interest Update

Cummins Inc. (NYSE:CMI) saw a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 2,200,000 shares, an increase of 35.0% from the March 15th total of 1,630,000 shares. Currently, 1.6% of the shares of the company are sold short. Based on an average daily trading volume, of 949,200 shares, the short-interest ratio is presently 2.3 days.

Institutional Trading of Cummins

A number of institutional investors and hedge funds have recently modified their holdings of the company. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department bought a new stake in shares of Cummins in the fourth quarter valued at approximately $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins in the fourth quarter worth $27,000. Meeder Asset Management Inc. raised its stake in Cummins by 208.0% during the 4th 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 last quarter. Finally, TCTC Holdings LLC acquired a new stake in Cummins in the 4th quarter worth $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Up 0.3 %

NYSE:CMI opened at $281.37 on Monday. The stock has a market cap of $38.76 billion, a PE ratio of 9.99, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock’s 50-day moving average is $326.83 and its two-hundred day moving average is $345.52. Cummins has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last issued its 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. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.14 EPS. As a group, equities research analysts forecast that Cummins will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.59%. Cummins’s payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CMI shares. Truist Financial lowered their target price on Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Evercore ISI boosted 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. JPMorgan Chase & Co. lowered their price objective on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Finally, Morgan Stanley decreased their price target on Cummins from $425.00 to $340.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average price target of $346.00.

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.