Martingale Asset Management L P Sells 2,024 Shares of Cummins Inc. (NYSE:CMI)

Martingale Asset Management L P trimmed its stake in Cummins Inc. (NYSE:CMI - Free Report) by 49.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,069 shares of the company's stock after selling 2,024 shares during the quarter. Martingale Asset Management L P's holdings in Cummins were worth $721,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Wellington Management Group LLP lifted its holdings in Cummins by 51.7% in the third quarter. Wellington Management Group LLP now owns 4,289 shares of the company's stock worth $1,389,000 after purchasing an additional 1,462 shares during the period. Advisory Resource Group lifted its holdings in Cummins by 1.0% in the 3rd quarter. Advisory Resource Group now owns 15,328 shares of the company's stock valued at $4,963,000 after acquiring an additional 155 shares during the last quarter. SkyView Investment Advisors LLC boosted its holdings in Cummins by 3.9% during the third quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company's stock worth $1,727,000 after buying an additional 202 shares in the last quarter. Stock Yards Bank & Trust Co. grew its holdings in shares of Cummins by 1.8% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company's stock worth $1,648,000 after acquiring an additional 88 shares during the last quarter. Finally, Pine Valley Investments Ltd Liability Co acquired a new stake in Cummins during the 3rd quarter worth about $209,000. Institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CMI shares. Citigroup reduced their price target on shares of Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Truist Financial lowered their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Finally, Morgan Stanley decreased their price target on shares of Cummins from $425.00 to $340.00 and set an "overweight" rating for the company in a report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $346.00.

Cummins Stock Up 0.3 %

Cummins stock traded up $0.81 during mid-day trading on Friday, hitting $281.37. 624,084 shares of the company's stock were exchanged, compared to its average volume of 811,363. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The stock has a 50 day moving average of $328.65 and a two-hundred day moving average of $345.57. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a market cap of $38.76 billion, a P/E ratio of 9.99, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping 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 analyst estimates of $8.06 billion. During the same period in the previous year, the company earned $4.14 EPS. The company's revenue for the quarter was down 1.1% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.59%. 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.