Polymer Capital Management US LLC Acquires New Position in Cummins Inc. (NYSE:CMI)

Polymer Capital Management US LLC acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 12,351 shares of the company's stock, valued at approximately $4,306,000. Cummins accounts for 1.2% of Polymer Capital Management US LLC's portfolio, making the stock its 21st largest holding.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $499,490,000. Raymond James Financial Inc. purchased a new position in shares of Cummins during the fourth quarter valued at approximately $187,082,000. Vanguard Group Inc. boosted its stake in Cummins by 1.5% in 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 in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Cummins in the 4th quarter worth $71,279,000. Finally, Amundi lifted its position in Cummins by 32.3% during the fourth quarter. Amundi now owns 771,038 shares of the company's stock valued at $277,381,000 after purchasing an additional 188,254 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their price objective on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research report on Friday. Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Robert W. Baird raised their price target on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 5th. Bank of America raised shares of 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. Finally, Citigroup lowered 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. One equities research 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. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $354.17.

Cummins Trading Up 1.5 %

CMI traded up $4.25 during trading on Friday, hitting $286.00. 722,702 shares of the company's stock were exchanged, compared to its average volume of 813,958. 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 price of $335.61 and a 200 day moving average price of $346.83. 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 market cap of $39.40 billion, a P/E ratio of 10.15, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. During the same quarter last year, the company posted $4.14 earnings per share. The company's quarterly revenue was down 1.1% compared to the same quarter last year. As a group, analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors 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 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.