Allworth Financial LP Increases Stock Position in Cummins Inc. (NYSE:CMI)

Allworth Financial LP lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 110.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,810 shares of the company's stock after acquiring an additional 3,054 shares during the quarter. Allworth Financial LP's holdings in Cummins were worth $2,126,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Global Trust Asset Management LLC grew its position in 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. Compass Financial Services Inc bought a new position in Cummins during the fourth quarter valued at about $27,000. Prospera Private Wealth LLC bought a new position in Cummins during the third quarter valued at about $32,000. Ashton Thomas Securities LLC bought a new position in Cummins during the third quarter valued at about $55,000. Finally, Friedenthal Financial bought a new position in Cummins during the fourth quarter valued at about $55,000. Institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CMI. Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Evercore ISI increased their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday. Citigroup cut their target price on shares of Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Finally, Robert W. Baird increased their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $386.67.

Cummins Trading Down 4.6 %

Shares of Cummins stock traded down $17.60 on Friday, hitting $366.79. The stock had a trading volume of 802,298 shares, compared to its average volume of 826,870. 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 Inc. has a one year low of $259.06 and a one year high of $387.90. The stock has a market cap of $50.43 billion, a price-to-earnings ratio of 13.02, a PEG ratio of 2.20 and a beta of 1.00. The stock's 50-day simple moving average is $361.52 and its two-hundred day simple moving average is $341.12.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. During the same quarter last year, the business earned $4.14 earnings per share. The business's revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Friday, February 21st. Cummins's dividend payout ratio (DPR) is currently 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.