Commonwealth Equity Services LLC Has $24.25 Million Stock Position in Cummins Inc. (NYSE:CMI)

Commonwealth Equity Services LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 2.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,567 shares of the company’s stock after purchasing an additional 1,972 shares during the quarter. Commonwealth Equity Services LLC owned 0.05% of Cummins worth $24,251,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Mariner Investment Group LLC acquired a new position in shares of Cummins during the fourth quarter valued at about $1,046,000. Alpha DNA Investment Management LLC acquired a new position in Cummins in the 3rd quarter valued at approximately $748,000. Franklin Resources Inc. lifted its position in shares of Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after acquiring an additional 99,464 shares during the period. Bank of Montreal Can grew its holdings in shares of Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after purchasing an additional 68,627 shares in the last quarter. Finally, Hancock Whitney Corp increased its position in shares of Cummins by 545.1% during the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after purchasing an additional 32,642 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays lifted their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Citigroup dropped their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Jefferies Financial Group lifted their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $392.64.

Cummins Stock Performance

Cummins stock opened at $322.24 on Monday. The stock has a 50-day simple moving average of $359.39 and a 200 day simple moving average of $347.16. The stock has a market capitalization of $44.30 billion, a price-to-earnings ratio of 11.44, a P/E/G ratio of 2.19 and a beta of 1.01. 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 Inc. has a 12-month low of $261.51 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.14 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.26%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

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.