Adell Harriman & Carpenter Inc. Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Adell Harriman & Carpenter Inc. grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 8.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,566 shares of the company's stock after buying an additional 1,431 shares during the period. Adell Harriman & Carpenter Inc.'s holdings in Cummins were worth $6,472,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Exchange Traded Concepts LLC boosted its stake in Cummins by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 408 shares of the company's stock valued at $132,000 after buying an additional 227 shares during the period. Creative Planning raised its holdings in shares of Cummins by 0.3% in the 3rd quarter. Creative Planning now owns 60,996 shares of the company's stock valued at $19,750,000 after acquiring an additional 203 shares in the last quarter. Global Retirement Partners LLC boosted its position in shares of Cummins by 7.2% during the 3rd quarter. Global Retirement Partners LLC now owns 3,093 shares of the company's stock valued at $1,001,000 after acquiring an additional 209 shares during the last quarter. Cardinal Capital Management grew its holdings in shares of Cummins by 0.7% during the third quarter. Cardinal Capital Management now owns 20,899 shares of the company's stock worth $6,767,000 after purchasing an additional 135 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Cummins by 3.4% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,316 shares of the company's stock worth $4,635,000 after purchasing an additional 474 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research reports. JPMorgan Chase & Co. raised shares of Cummins from an "underweight" rating to a "neutral" rating and boosted their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. StockNews.com lowered shares of Cummins from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 6th. Vertical Research cut Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Finally, Citigroup reduced their price objective on Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $386.67.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. The trade was a 9.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Up 1.9 %

Shares of NYSE CMI traded up $7.09 on Wednesday, reaching $386.22. 943,900 shares of the company's stock traded hands, compared to its average volume of 833,438. The business's 50 day simple moving average is $360.92 and its two-hundred day simple moving average is $340.50. Cummins Inc. has a 12 month low of $259.06 and a 12 month high of $387.90. The company has a market cap of $53.10 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. 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 posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the business posted $4.14 EPS. The firm's quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Friday, February 21st. Cummins's payout ratio is 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.