Ion Asset Management Ltd. Purchases 52 Shares of Cummins Inc. (NYSE:CMI)

Ion Asset Management Ltd. grew its position in shares of Cummins Inc. (NYSE:CMI) by 1.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,450 shares of the company’s stock after acquiring an additional 52 shares during the period. Ion Asset Management Ltd.’s holdings in Cummins were worth $1,203,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Global Trust Asset Management LLC increased its stake in shares of 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 buying an additional 28 shares during the period. BankPlus Trust Department bought a new stake in Cummins in the fourth quarter valued at $26,000. Compass Financial Services Inc purchased a new position in Cummins during the 4th quarter valued at $27,000. Meeder Asset Management Inc. raised its holdings in Cummins by 208.0% in the 4th 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 purchased a new stake in shares of Cummins in the 4th quarter worth about $28,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of CMI opened at $294.24 on Tuesday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a market capitalization of $40.53 billion, a P/E ratio of 10.45, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The firm has a 50 day moving average of $316.28 and a 200 day moving average of $343.60. 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 posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping 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 business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the company earned $4.14 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is presently 25.84%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CMI. JPMorgan Chase & Co. decreased their price target on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Morgan Stanley decreased their target price on Cummins from $425.00 to $340.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and dropped their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Finally, Robert W. Baird dropped their target price on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price 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.