Neuberger Berman Group LLC Purchases 233,694 Shares of Cummins Inc. (NYSE:CMI)

Neuberger Berman Group LLC increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 57.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 643,482 shares of the company's stock after purchasing an additional 233,694 shares during the period. Neuberger Berman Group LLC owned 0.47% of Cummins worth $224,317,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. Global Trust Asset Management LLC raised its position in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after buying an additional 28 shares during the last quarter. KG&L Capital Management LLC raised its holdings in Cummins by 0.8% in the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company's stock valued at $1,296,000 after acquiring an additional 28 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock worth $1,155,000 after purchasing an additional 28 shares during the period. Massachusetts Wealth Management boosted its holdings in shares of Cummins by 0.6% during the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company's stock worth $1,677,000 after purchasing an additional 30 shares during the last quarter. Finally, Avestar Capital LLC grew its position in shares of Cummins by 3.2% in the fourth quarter. Avestar Capital LLC now owns 987 shares of the company's stock valued at $344,000 after purchasing an additional 31 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Down 0.9 %

NYSE:CMI traded down $2.51 on Tuesday, hitting $286.06. 173,348 shares of the company's stock traded hands, compared to its average volume of 810,606. The company has a market cap of $39.40 billion, a PE ratio of 10.15, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. 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 firm has a 50-day moving average price of $333.97 and a 200-day moving average price of $346.72.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) 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 business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the company earned $4.14 earnings per share. Cummins's quarterly revenue was down 1.1% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the topic of several recent analyst reports. Citigroup cut their price objective on shares of Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Barclays increased their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, JPMorgan Chase & Co. cut their price objective on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Cummins has a consensus rating of "Hold" and an average target price of $346.50.

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.