Choate Investment Advisors Has $268,000 Stake in Cummins Inc. (NYSE:CMI)

Choate Investment Advisors boosted its position in shares of Cummins Inc. (NYSE:CMI) by 12.9% in the fourth quarter, Holdings Channel reports. The fund owned 768 shares of the company’s stock after acquiring an additional 88 shares during the period. Choate Investment Advisors’ holdings in Cummins were worth $268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and 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 shares of Cummins during the third quarter valued at about $748,000. Franklin Resources Inc. raised its position in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after buying an additional 99,464 shares during the last quarter. Bank of Montreal Can increased its stake in Cummins by 21.2% in the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after acquiring an additional 68,627 shares during the period. Finally, Hancock Whitney Corp increased its stake in Cummins by 545.1% in the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after acquiring an additional 32,642 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 1.4 %

CMI opened at $326.13 on Tuesday. The firm’s fifty day moving average is $358.75 and its two-hundred day moving average is $347.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market cap of $44.84 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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 net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the business posted $4.14 earnings per share. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued 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 dividend yield of 2.23%. Cummins’s payout ratio is 25.84%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CMI. Citigroup lowered their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Robert W. Baird upped their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Barclays upped their target price 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. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Friday. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Nine research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $392.64.

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.