Smith Moore & CO. Has $754,000 Stake in Cummins Inc. (NYSE:CMI)

Smith Moore & CO. cut its stake in Cummins Inc. (NYSE:CMI) by 3.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,163 shares of the company’s stock after selling 68 shares during the period. Smith Moore & CO.’s holdings in Cummins were worth $754,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Centiva Capital LP bought a new stake in Cummins in the 3rd quarter valued at approximately $205,000. Integrated Wealth Concepts LLC boosted its holdings in Cummins by 26.3% during the third quarter. Integrated Wealth Concepts LLC now owns 7,653 shares of the company’s stock worth $2,478,000 after purchasing an additional 1,592 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Cummins in the third quarter valued at $17,768,000. Royal London Asset Management Ltd. grew its position in Cummins by 2.9% in the third quarter. Royal London Asset Management Ltd. now owns 56,203 shares of the company’s stock valued at $18,198,000 after purchasing an additional 1,575 shares in the last quarter. Finally, State Street Corp increased its stake in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Citigroup decreased their price objective on Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a report on Monday, March 31st. Barclays boosted their price target 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. cut their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Robert W. Baird boosted their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $383.67.

Cummins Trading Down 5.9 %

Shares of CMI stock opened at $277.82 on Friday. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The company has a market capitalization of $38.19 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The firm has a 50 day moving average price of $345.89 and a two-hundred day moving average price of $348.27. 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 (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.14 EPS. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.62%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Cummins 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.