Bank of Montreal Can Buys 24,480 Shares of Cummins Inc. (NYSE:CMI)

Bank of Montreal Can raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 6.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 416,325 shares of the company's stock after buying an additional 24,480 shares during the period. Bank of Montreal Can owned about 0.30% of Cummins worth $145,131,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in CMI. Vanguard Group Inc. boosted its holdings in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after acquiring an additional 250,650 shares during the last quarter. Geode Capital Management LLC lifted its position in Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after purchasing an additional 84,112 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the last quarter. Norges Bank bought a new position in shares of Cummins in the 4th quarter valued at about $499,490,000. Finally, FMR LLC grew its position in shares of 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 period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on CMI. Evercore ISI lifted their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Barclays raised 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. JPMorgan Chase & Co. dropped their price objective on Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a report on Friday. Robert W. Baird raised 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. Finally, UBS Group cut Cummins from a "buy" rating to a "sell" rating and lowered their price target for the company from $400.00 to $240.00 in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, nine have given 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 $354.17.

Cummins Stock Up 1.5 %

Shares of Cummins stock traded up $4.25 on Friday, hitting $286.00. The company had a trading volume of 722,702 shares, compared to its average volume of 813,748. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock has a 50-day moving average of $335.61 and a 200-day moving average of $346.99. The firm has a market capitalization of $39.40 billion, a P/E ratio of 10.15, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the business posted $4.14 EPS. The company's quarterly revenue was down 1.1% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio (DPR) is presently 25.84%.

Cummins Company 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.