Heritage Trust Co Takes $1.42 Million Position in Cummins Inc. (NYSE:CMI)

Heritage Trust Co acquired a new position in Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,080 shares of the company's stock, valued at approximately $1,422,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Global Trust Asset Management LLC boosted its stake in shares of Cummins by 59.6% in the fourth 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 stake in shares of Cummins during the 4th quarter worth approximately $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins in the fourth quarter valued at $27,000. Meeder Asset Management Inc. lifted its position in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC bought a new position in shares of Cummins in the 4th quarter valued at about $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Morgan Stanley cut their target price on Cummins from $425.00 to $340.00 and set an "overweight" rating on the stock in a research report on Wednesday. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Evercore ISI lifted their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. reduced their target price on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $346.00.

Cummins Trading Up 1.3 %

Shares of NYSE CMI traded up $3.51 during midday trading on Thursday, reaching $284.07. 259,056 shares of the stock were exchanged, compared to its average volume of 809,760. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The stock has a market capitalization of $39.13 billion, a P/E ratio of 10.08, a PEG ratio of 2.19 and a beta of 1.07. The company has a 50 day simple moving average of $330.50 and a 200 day simple moving average of $345.86. 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 posted its earnings results on Tuesday, February 4th. The company reported $5.16 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 company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the business earned $4.14 earnings per share. The company's revenue for the quarter was down 1.1% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is currently 25.84%.

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.