Keybank National Association OH trimmed its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 126,778 shares of the company's stock after selling 2,106 shares during the period. Keybank National Association OH owned about 0.09% of Cummins worth $44,195,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the company. Global Trust Asset Management LLC boosted its position 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 in the last quarter. BankPlus Trust Department purchased a new stake in shares of Cummins in the fourth quarter valued at about $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins during the fourth quarter worth about $27,000. SBI Securities Co. Ltd. acquired a new position in shares of Cummins in the fourth quarter valued at approximately $30,000. Finally, Prospera Private Wealth LLC purchased a new position in Cummins during the 3rd quarter worth $32,000. 83.46% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on CMI. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and raised their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird upped their price objective on Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research report on Wednesday, February 5th. Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. Finally, StockNews.com lowered Cummins from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $386.67.
Read Our Latest Analysis on Cummins
Cummins Stock Down 0.8 %
NYSE CMI traded down $2.89 during trading hours on Friday, hitting $341.97. The company had a trading volume of 1,399,031 shares, compared to its average volume of 857,471. Cummins Inc. has a fifty-two week low of $260.88 and a fifty-two week high of $387.90. The firm's 50 day moving average is $361.95 and its 200 day moving average is $345.63. 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 capitalization of $47.01 billion, a price-to-earnings ratio of 12.14, a P/E/G ratio of 2.19 and a beta of 1.00.
Cummins (NYSE:CMI - Get Free Report) last posted 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. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business's quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $4.14 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.
Cummins Dividend Announcement
The firm also recently announced 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. This represents a $7.28 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio (DPR) is currently 25.84%.
Cummins Company Profile
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Free Report)
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.
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