Lord Abbett & CO. LLC Has $93.87 Million Position in Cummins Inc. (NYSE:CMI)

Lord Abbett & CO. LLC trimmed its stake in Cummins Inc. (NYSE:CMI - Free Report) by 20.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 269,282 shares of the company's stock after selling 69,679 shares during the period. Lord Abbett & CO. LLC owned about 0.20% of Cummins worth $93,872,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in CMI. Global Trust Asset Management LLC boosted its position in shares of Cummins by 59.6% in the 4th 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 during the period. BankPlus Trust Department acquired a new position in shares of Cummins in the 4th quarter valued at $26,000. Compass Financial Services Inc purchased a new stake in Cummins in the 4th quarter valued at $27,000. Meeder Asset Management Inc. boosted its stake in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after purchasing an additional 52 shares during the period. Finally, TCTC Holdings LLC purchased a new position in Cummins during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Trading Down 0.4 %

Shares of CMI stock traded down $1.15 on Tuesday, reaching $293.07. 1,148,820 shares of the stock were exchanged, compared to its average volume of 808,577. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The stock has a market cap of $40.37 billion, a P/E ratio of 10.40, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm has a 50 day moving average of $316.28 and a two-hundred day moving average of $343.60.

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 the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the firm earned $4.14 EPS. The firm's quarterly revenue was down 1.1% compared to the same quarter last year. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. 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 presently 25.84%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Evercore ISI increased their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Citigroup lowered their price objective on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Robert W. Baird lowered their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, UBS Group lowered Cummins from a "buy" rating to a "sell" rating and decreased their price target for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $346.00.

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.