Cummins Inc. (NYSE:CMI) Position Raised by Edgestream Partners L.P.

Edgestream Partners L.P. raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 2,557.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,453 shares of the company's stock after purchasing an additional 18,721 shares during the period. Edgestream Partners L.P.'s holdings in Cummins were worth $6,781,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC lifted its holdings in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department purchased a new position in shares of Cummins during the 4th quarter worth about $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins during the 4th quarter worth about $27,000. SBI Securities Co. Ltd. purchased a new position in shares of Cummins during the 4th quarter worth about $30,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Cummins during the 3rd quarter worth about $32,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Cummins stock traded down $2.89 during mid-day trading on Friday, reaching $341.97. The company's stock had a trading volume of 1,399,031 shares, compared to its average volume of 857,471. The firm has a market cap of $47.01 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 2.19 and a beta of 1.01. The business has a 50 day moving average price of $361.77 and a 200-day moving average price of $346.22. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $260.88 and a twelve month high of $387.90.

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Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS 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 the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm's revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.14 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's payout ratio is 25.84%.

Analyst Ratings Changes

CMI has been the topic of several research reports. Jefferies Financial Group raised their price target on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a report on Friday, December 6th. Citigroup cut their price target on shares of Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. StockNews.com downgraded shares of Cummins from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 6th. 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 report on Wednesday, February 5th. Finally, Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and increased their price objective 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 given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $386.67.

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.