APG Asset Management N.V. increased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 692.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 74,400 shares of the company's stock after purchasing an additional 65,015 shares during the period. APG Asset Management N.V. owned 0.05% of Cummins worth $25,047,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Mariner Investment Group LLC acquired a new stake in Cummins in the fourth quarter valued at approximately $1,046,000. FMR LLC grew its stake in Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after buying an additional 67,266 shares during the last quarter. National Bank of Canada FI increased its position in Cummins by 4.2% during the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock valued at $28,359,000 after buying an additional 3,298 shares in the last quarter. Franklin Resources Inc. raised its stake in Cummins by 74.2% in 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. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Cummins by 4.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock worth $54,876,000 after acquiring an additional 6,107 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.
Cummins Stock Performance
CMI traded down $0.91 on Tuesday, reaching $287.66. The stock had a trading volume of 145,957 shares, compared to its average volume of 810,476. The business's 50-day moving average price is $333.97 and its two-hundred day moving average price is $346.72. The company has a market cap of $39.62 billion, a P/E ratio of 10.21, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.
Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.14 EPS. Sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.
Cummins Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.53%. Cummins's dividend payout ratio is currently 25.84%.
Analyst Ratings Changes
Several equities analysts recently commented on the stock. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and lowered their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. JPMorgan Chase & Co. cut their target price on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research report on Friday. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Finally, Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $346.50.
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Cummins Company Profile
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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.
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