Harfst & Associates Inc. Has $3.55 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Harfst & Associates Inc. raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 27.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,175 shares of the company’s stock after purchasing an additional 2,185 shares during the quarter. Cummins makes up 0.7% of Harfst & Associates Inc.’s holdings, making the stock its 17th biggest position. Harfst & Associates Inc.’s holdings in Cummins were worth $3,547,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Pathway Financial Advisers LLC increased its position in Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the period. Fisher Asset Management LLC increased its position in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares during the period. State Street Corp increased its position in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares during the period. Bank of New York Mellon Corp increased its position in Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after buying an additional 120,579 shares during the period. Finally, Franklin Resources Inc. increased its position in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after buying an additional 99,464 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CMI. Robert W. Baird increased their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Jefferies Financial Group raised their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $386.67.

Cummins Stock Performance

Cummins stock opened at $367.04 on Thursday. Cummins Inc. has a 12-month low of $260.88 and a 12-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. The business’s 50-day moving average price is $361.70 and its two-hundred day moving average price is $343.49. The stock has a market cap of $50.46 billion, a PE ratio of 13.03, a P/E/G ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the business posted $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s payout ratio is 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.