Cummins Inc. (NYSE:CMI) Shares Bought by Ossiam

Ossiam boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 634.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,027 shares of the company's stock after acquiring an additional 16,437 shares during the period. Ossiam's holdings in Cummins were worth $6,633,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after acquiring an additional 84,112 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock worth $1,071,059,000 after acquiring an additional 66,887 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Cummins by 0.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock valued at $552,820,000 after acquiring an additional 12,722 shares in the last quarter. Finally, Norges Bank purchased a new stake in Cummins during the 4th quarter valued at $499,490,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CMI. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Finally, Robert W. Baird dropped their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $346.00.

Cummins Trading Up 1.8 %

NYSE:CMI traded up $5.10 on Wednesday, reaching $284.21. 852,733 shares of the company's stock were exchanged, compared to its average volume of 806,713. The firm has a market capitalization of $39.15 billion, a price-to-earnings ratio of 10.09, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. 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 business has a fifty day moving average of $323.22 and a 200-day moving average of $344.66.

Cummins (NYSE:CMI - Get Free Report) last released its 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 firm had revenue of $8.45 billion during the quarter, compared to analyst estimates 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 period last year, the business posted $4.14 earnings per share. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors 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 2.56%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio (DPR) is 25.84%.

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.