Franklin Resources Inc. Has $63.68 Million Stock Position in Cummins Inc. (NYSE:CMI)

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

Several other hedge funds have also modified their holdings of CMI. Global Trust Asset Management LLC lifted its holdings in 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 buying an additional 28 shares in the last quarter. KG&L Capital Management LLC raised its position in shares of Cummins by 0.8% during the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company's stock worth $1,296,000 after acquiring an additional 28 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after acquiring an additional 28 shares during the period. Massachusetts Wealth Management boosted its holdings in Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company's stock valued at $1,677,000 after acquiring an additional 30 shares during the last quarter. Finally, Avestar Capital LLC increased its position in Cummins by 3.2% in the fourth quarter. Avestar Capital LLC now owns 987 shares of the company's stock worth $344,000 after purchasing an additional 31 shares during the period. 83.46% of the stock is owned by institutional investors.

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Analyst Ratings Changes

A number of research firms have issued reports on CMI. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and upped their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Citigroup cut their price objective on shares of Cummins from $430.00 to $360.00 and set a "buy" rating on the stock in a report on Monday, March 31st. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and set a $240.00 price target on the stock. in a research note on Monday. Finally, JPMorgan Chase & Co. reduced their price target on Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Cummins currently has a consensus rating of "Hold" and a consensus price target of $370.33.

Cummins Stock Down 0.9 %

NYSE CMI traded down $2.55 on Monday, reaching $275.07. The company had a trading volume of 1,135,801 shares, compared to its average volume of 806,530. The company's fifty day moving average is $345.89 and its 200-day moving average is $348.94. The firm has a market capitalization of $37.89 billion, a price-to-earnings ratio of 9.76, 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 1-year low of $261.51 and a 1-year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results 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. The business 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%. Cummins's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.14 EPS. On average, research analysts forecast 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. Stockholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.65%. Cummins's dividend payout ratio is 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.