Cummins Inc. (NYSE:CMI) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lessened its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 21.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 182,662 shares of the company's stock after selling 50,882 shares during the quarter. Franklin Resources Inc. owned approximately 0.13% of Cummins worth $63,676,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Cummins during the 4th quarter worth about $499,490,000. Raymond James Financial Inc. acquired a new position in shares of Cummins in the 4th quarter valued at $187,082,000. Vanguard Group Inc. grew its stake in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after buying an additional 250,650 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Cummins in the 4th quarter worth $71,279,000. Finally, Amundi boosted its holdings in Cummins by 32.3% in the fourth quarter. Amundi now owns 771,038 shares of the company's stock valued at $277,381,000 after acquiring an additional 188,254 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CMI. Citigroup reduced their price target on shares of Cummins from $430.00 to $360.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and increased their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Finally, Evercore ISI raised their target price on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Cummins presently has an average rating of "Hold" and an average target price of $363.08.

Cummins Stock Performance

CMI stock traded up $4.45 during trading on Tuesday, hitting $280.12. 214,955 shares of the company's stock traded hands, compared to its average volume of 914,263. The stock has a fifty day moving average price of $344.43 and a two-hundred day moving average price of $348.70. 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 Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The stock has a market capitalization of $38.58 billion, a price-to-earnings ratio of 9.94, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last released 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 return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the previous year, the firm posted $4.14 EPS. The business's revenue for the quarter was down 1.1% compared to the same quarter last year. 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. Stockholders 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 annualized dividend and a dividend yield of 2.60%. Cummins's dividend payout ratio is presently 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.