Johnson Financial Group Inc. Sells 12,133 Shares of Cummins Inc. (NYSE:CMI)

Johnson Financial Group Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 69.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,370 shares of the company's stock after selling 12,133 shares during the period. Johnson Financial Group Inc.'s holdings in Cummins were worth $1,913,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Global Trust Asset Management LLC lifted its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department bought a new stake in Cummins in the fourth quarter worth about $26,000. Compass Financial Services Inc bought a new stake in Cummins in the fourth quarter worth about $27,000. Meeder Asset Management Inc. raised its position in shares of Cummins by 208.0% in 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 period. Finally, TCTC Holdings LLC purchased a new stake in shares of Cummins during the 4th quarter valued at approximately $28,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CMI shares. Morgan Stanley lowered their target price on shares of Cummins from $425.00 to $340.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Citigroup dropped their target price on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. JPMorgan Chase & Co. dropped their target price on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $346.00.

Cummins Price Performance

NYSE CMI traded down $1.15 during trading hours on Tuesday, reaching $293.07. 1,148,829 shares of the stock traded hands, compared to its average volume of 809,798. The stock has a 50 day simple moving average of $316.28 and a two-hundred day simple moving average of $343.60. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market cap of $40.37 billion, a price-to-earnings ratio of 10.40, 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 results on Tuesday, February 4th. The company reported $5.16 earnings per share 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 for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the business posted $4.14 earnings per share. The company's revenue for the quarter was down 1.1% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business 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 2.48%. Cummins's dividend payout ratio (DPR) is currently 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.