American Century Companies Inc. Sells 200,518 Shares of Cummins Inc. (NYSE:CMI)

American Century Companies Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 30.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 464,430 shares of the company's stock after selling 200,518 shares during the quarter. American Century Companies Inc. owned approximately 0.34% of Cummins worth $161,901,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Mariner Investment Group LLC bought a new position in shares of Cummins during the fourth quarter valued at about $1,046,000. Alpha DNA Investment Management LLC purchased a new position in Cummins during the 3rd quarter valued at about $748,000. Franklin Resources Inc. raised its position in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock valued at $79,017,000 after purchasing an additional 99,464 shares during the last quarter. Bank of Montreal Can lifted its holdings in Cummins by 21.2% in the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company's stock worth $127,898,000 after buying an additional 68,627 shares during the period. Finally, Hancock Whitney Corp lifted its holdings in Cummins by 545.1% in the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company's stock worth $12,508,000 after buying an additional 32,642 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Down 0.8 %

Cummins stock traded down $2.79 during mid-day trading on Wednesday, reaching $328.08. The stock had a trading volume of 562,157 shares, compared to its average volume of 760,953. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. The company has a 50-day moving average price of $354.07 and a two-hundred day moving average price of $348.10. The company has a market capitalization of $45.11 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

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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 the consensus estimate of $8.06 billion. During the same quarter in the prior year, the firm posted $4.14 earnings per share. The business's revenue was down 1.1% on a year-over-year basis. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is currently 25.84%.

Analyst Ratings Changes

A number of brokerages recently commented on CMI. Citigroup decreased their target price on Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Robert W. Baird upped their target price on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a report on Wednesday, February 5th. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and raised their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. reduced their price target on Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 18th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $389.50.

Cummins 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.