Invesco Ltd. Boosts Stake in Cummins Inc. (NYSE:CMI)

Invesco Ltd. grew its position in Cummins Inc. (NYSE:CMI - Free Report) by 4.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,089,594 shares of the company's stock after purchasing an additional 50,955 shares during the period. Invesco Ltd. owned approximately 0.79% of Cummins worth $379,833,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Mariner Investment Group LLC acquired a new stake in Cummins during the fourth quarter worth about $1,046,000. FMR LLC increased its holdings in shares of Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after purchasing an additional 67,266 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of 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 purchasing an additional 3,298 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Cummins by 74.2% in 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 period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock worth $54,876,000 after buying an additional 6,107 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 0.0 %

Shares of Cummins stock traded down $0.04 during trading hours on Tuesday, reaching $288.53. 125,112 shares of the company were exchanged, compared to its average volume of 810,435. The firm has a market cap of $39.74 billion, a PE ratio of 10.24, a PEG ratio of 2.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The stock's fifty day moving average is $333.97 and its 200 day moving average is $346.72.

Cummins (NYSE:CMI - Get Free Report) last issued 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 earned $4.14 EPS. Cummins's revenue was down 1.1% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio (DPR) is presently 25.84%.

Analyst Ratings Changes

A number of research firms have recently commented on CMI. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Evercore ISI upped their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and cut their target price for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. StockNews.com downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, Citigroup lowered their price objective on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Cummins currently has a consensus rating of "Hold" and a consensus target price of $346.50.

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.