Lifeworks Advisors LLC Raises Stock Position in Cummins Inc. (NYSE:CMI)

Lifeworks Advisors LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 10.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,658 shares of the company's stock after acquiring an additional 1,004 shares during the period. Lifeworks Advisors LLC's holdings in Cummins were worth $3,715,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CMI. State Street Corp increased its stake in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company's stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the last quarter. Fisher Asset Management LLC grew its position 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 buying an additional 66,887 shares during the last quarter. FMR LLC raised its stake in Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company's stock worth $380,484,000 after acquiring an additional 9,245 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Cummins by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company's stock valued at $342,244,000 after acquiring an additional 120,579 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Cummins by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company's stock valued at $308,303,000 after acquiring an additional 17,687 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

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Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. JPMorgan Chase & Co. raised Cummins from an "underweight" rating to a "neutral" rating and lifted their price target for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Robert W. Baird increased their price objective on Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a report on Wednesday, February 5th. Jefferies Financial Group lifted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a report on Friday, December 6th. Finally, Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and upped their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $386.67.

Cummins Stock Performance

Shares of NYSE:CMI traded up $1.24 during midday trading on Wednesday, hitting $330.64. The stock had a trading volume of 1,192,520 shares, compared to its average volume of 891,381. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a 50 day moving average price of $361.09 and a two-hundred day moving average price of $346.86. The company has a market capitalization of $45.46 billion, a PE ratio of 11.74, a P/E/G ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts' consensus estimates of $4.70 by $0.46. The company 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%. The firm'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, equities analysts predict 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. This represents a $7.28 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's payout ratio is 25.84%.

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.