Legal & General Group Plc Cuts Position in Cummins Inc. (NYSE:CMI)

Legal & General Group Plc cut its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 11.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,480,338 shares of the company's stock after selling 187,463 shares during the period. Legal & General Group Plc owned about 1.08% of Cummins worth $516,046,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased 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 worth $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Geode Capital Management LLC increased its position in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock worth $1,174,504,000 after buying an additional 84,112 shares during the last quarter. Fisher Asset Management LLC increased its position in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock worth $1,071,059,000 after buying an additional 66,887 shares during the last quarter. Norges Bank bought a new stake in shares of Cummins in the fourth quarter valued at $499,490,000. Finally, FMR LLC lifted its position in shares of Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after buying an additional 67,266 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 1.5 %

Cummins stock traded up $4.25 during trading hours on Friday, reaching $286.00. The stock had a trading volume of 722,702 shares, compared to its average volume of 813,748. The company has a fifty day simple moving average of $335.61 and a 200-day simple moving average of $346.99. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The stock has a market cap of $39.40 billion, a PE ratio of 10.15, a PEG ratio of 2.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly 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 company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins's revenue was down 1.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.14 EPS. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is 25.84%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CMI shares. StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Robert W. Baird upped their price target on shares of Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. 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 research note on Wednesday, February 19th. JPMorgan Chase & Co. lowered their target price on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a report on Friday. Finally, Citigroup cut their price target on Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $354.17.

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.