Adage Capital Partners GP L.L.C. Has $44.68 Million Holdings in Cummins Inc. (NYSE:CMI)

Adage Capital Partners GP L.L.C. lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 108.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 128,166 shares of the company's stock after buying an additional 66,646 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.09% of Cummins worth $44,679,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Advisory Resource Group lifted its position in Cummins by 1.0% in the third quarter. Advisory Resource Group now owns 15,328 shares of the company's stock valued at $4,963,000 after acquiring an additional 155 shares during the last quarter. SkyView Investment Advisors LLC increased its position in Cummins by 3.9% in the 3rd quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company's stock valued at $1,727,000 after acquiring an additional 202 shares during the period. Stock Yards Bank & Trust Co. grew its stake in shares of Cummins by 1.8% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company's stock valued at $1,648,000 after purchasing an additional 88 shares during the last quarter. Pine Valley Investments Ltd Liability Co acquired a new position in Cummins in the 3rd quarter valued at $209,000. Finally, Wilmington Savings Fund Society FSB raised its position in Cummins by 18.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 4,990 shares of the company's stock worth $1,616,000 after buying an additional 794 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Trading Up 0.3 %

Shares of CMI stock traded up $0.98 during mid-day trading on Monday, reaching $294.24. The company's stock had a trading volume of 845,095 shares, compared to its average volume of 807,221. The company's 50 day simple moving average is $318.12 and its 200-day simple moving average is $343.89. The firm has a market capitalization of $40.53 billion, a PE ratio of 10.45, 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 quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the firm posted $4.14 earnings per share. The business's quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is currently 25.84%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CMI shares. UBS Group cut Cummins from a "buy" rating to a "sell" rating and reduced their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Citigroup lowered their price objective on shares of Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. 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 research report on Wednesday, February 19th. Barclays increased their price target on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Finally, Truist Financial cut their price target on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $346.00.

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.