Commonwealth Equity Services LLC Acquires 1,972 Shares of Cummins Inc. (NYSE:CMI)

Commonwealth Equity Services LLC grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,567 shares of the company's stock after purchasing an additional 1,972 shares during the period. Commonwealth Equity Services LLC owned about 0.05% of Cummins worth $24,251,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in Cummins during the 4th quarter worth about $26,000. Compass Financial Services Inc acquired a new stake in Cummins during the 4th quarter worth about $27,000. SBI Securities Co. Ltd. acquired a new stake in Cummins during the 4th quarter worth about $30,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins during the 3rd quarter worth about $32,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE CMI traded down $1.78 during trading on Thursday, hitting $325.38. The company's stock had a trading volume of 885,923 shares, compared to its average volume of 857,457. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The firm has a market cap of $44.73 billion, a P/E ratio of 11.55, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The firm has a 50 day moving average price of $357.35 and a 200 day moving average price of $347.20. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

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Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion for 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 quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.14 EPS. Equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.24%. Cummins's payout ratio is 25.84%.

Analyst Ratings Changes

CMI has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their price objective on Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research report on Tuesday. UBS Group cut their price target on Cummins from $432.00 to $400.00 and set a "buy" rating for the company in a research note on Tuesday. Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Citigroup cut their price target on Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Finally, Robert W. Baird raised their price target on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently 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.