53,708 Shares in Cummins Inc. (NYSE:CMI) Bought by Distillate Capital Partners LLC

Distillate Capital Partners LLC bought a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 53,708 shares of the company's stock, valued at approximately $18,723,000.

A number of other large investors have also recently bought and sold shares of CMI. Mariner Investment Group LLC purchased a new stake in Cummins in the 4th quarter worth approximately $1,046,000. FMR LLC grew its position in shares of Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after purchasing an additional 67,266 shares during the period. National Bank of Canada FI grew its position in shares of Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock valued at $28,359,000 after purchasing an additional 3,298 shares during the period. Franklin Resources Inc. lifted its position in Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock worth $79,017,000 after buying an additional 99,464 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock worth $54,876,000 after purchasing an additional 6,107 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Price Performance

Shares of NYSE:CMI traded up $0.81 during trading hours on Thursday, hitting $281.37. 624,084 shares of the company's stock traded hands, compared to its average volume of 811,150. The company's fifty day simple moving average is $330.50 and its two-hundred day simple moving average is $345.86. The company has a market cap of $38.76 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. 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 52 week low of $260.02 and a 52 week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $4.14 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

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 dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.59%. Cummins's payout ratio is presently 25.84%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CMI. Robert W. Baird dropped their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday. 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. Barclays boosted their price objective on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Citigroup lowered their target price on Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Finally, UBS Group lowered Cummins from a "buy" rating to a "sell" rating and reduced their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average 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.