Crowley Wealth Management Inc. Purchases Shares of 2,990 Cummins Inc. (NYSE:CMI)

Crowley Wealth Management Inc. bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,990 shares of the company's stock, valued at approximately $1,042,000. Cummins makes up 0.9% of Crowley Wealth Management Inc.'s investment portfolio, making the stock its 25th biggest holding.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after acquiring an additional 250,650 shares during the last quarter. State Street Corp raised its position in shares of 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 purchasing an additional 126,703 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock valued at $1,071,059,000 after buying an additional 66,887 shares in the last quarter. FMR LLC grew its holdings in Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company's stock valued at $380,484,000 after buying an additional 9,245 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Cummins by 14.0% during the fourth 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 in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. JPMorgan Chase & Co. decreased their price objective on Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 18th. Citigroup lowered their price target on shares of Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Finally, Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $389.50.

Cummins Price Performance

Cummins stock traded down $1.08 during trading hours on Thursday, hitting $326.94. 126,160 shares of the company traded hands, compared to its average volume of 881,543. The firm's 50-day simple moving average is $354.07 and its two-hundred day simple moving average is $348.10. The firm has a market cap of $44.95 billion, a P/E ratio of 11.60, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1-year low of $261.51 and a 1-year 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.

Cummins (NYSE:CMI - Get Free Report) last released 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. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the firm posted $4.14 earnings per share. The firm's revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio (DPR) is presently 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.