Sei Investments Co. Raises Stock Position in Cummins Inc. (NYSE:CMI)

Sei Investments Co. increased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 21.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 160,974 shares of the company's stock after buying an additional 27,943 shares during the period. Sei Investments Co. owned 0.12% of Cummins worth $56,116,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mariner Investment Group LLC purchased a new position in shares of Cummins during the fourth quarter worth approximately $1,046,000. Alpha DNA Investment Management LLC purchased a new position in Cummins during the 3rd quarter worth $748,000. Franklin Resources Inc. raised its position in Cummins by 74.2% during 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 in the last quarter. Bank of Montreal Can lifted its holdings in shares of Cummins by 21.2% in the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company's stock worth $127,898,000 after buying an additional 68,627 shares during the period. Finally, Hancock Whitney Corp grew its position in shares of Cummins by 545.1% during the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company's stock worth $12,508,000 after buying an additional 32,642 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CMI. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com cut shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday. Robert W. Baird increased their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. dropped their target price on Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 18th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $389.50.

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Cummins Stock Down 1.2 %

CMI stock traded down $4.09 on Thursday, hitting $323.93. 843,181 shares of the company's stock were exchanged, compared to its average volume of 761,280. The firm has a 50 day moving average price of $354.07 and a two-hundred day moving average price of $348.10. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The stock has a market cap of $44.53 billion, a P/E ratio of 11.50, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. 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 (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. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company earned $4.14 earnings per share. As a group, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal 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 issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. Cummins's dividend payout ratio is currently 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.