Cummins Inc. (NYSE:CMI) Shares Sold by Main Street Financial Solutions LLC

Main Street Financial Solutions LLC reduced its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 61.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 730 shares of the company's stock after selling 1,149 shares during the period. Main Street Financial Solutions LLC's holdings in Cummins were worth $255,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Cummins by 2.6% during the fourth 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 in the last quarter. Fisher Asset Management LLC grew 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 worth $1,071,059,000 after buying an additional 66,887 shares during the last quarter. Norges Bank bought a new stake in Cummins in the fourth quarter worth $499,490,000. Finally, FMR LLC increased its holdings in shares of Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after acquiring an additional 67,266 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CMI. Morgan Stanley reduced their price objective on Cummins from $425.00 to $340.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $346.00.

Cummins Trading Up 2.6 %

Shares of CMI stock traded up $7.29 on Wednesday, hitting $286.40. 241,172 shares of the stock traded hands, compared to its average volume of 804,255. 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 twelve month low of $260.02 and a twelve month high of $387.90. The firm's 50-day moving average price is $323.22 and its two-hundred day moving average price is $344.66. The stock has a market capitalization of $39.45 billion, a PE ratio of 10.17, a PEG ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last released 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 firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business'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 company earned $4.14 EPS. As a group, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business 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 dividend yield of 2.54%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio is presently 25.84%.

About Cummins

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.