Sagespring Wealth Partners LLC Invests $576,000 in Cummins Inc. (NYSE:CMI)

Sagespring Wealth Partners LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,652 shares of the company's stock, valued at approximately $576,000.

Several other hedge funds have also modified their holdings of CMI. Global Trust Asset Management LLC raised its holdings 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 worth $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in Cummins during the 4th quarter worth approximately $26,000. Compass Financial Services Inc purchased a new position in Cummins in the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. grew its stake in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC acquired a new stake in shares of Cummins in the fourth quarter worth $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 0.3 %

CMI traded up $0.81 during trading on Friday, hitting $281.37. The company had a trading volume of 624,084 shares, 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 company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market cap of $38.76 billion, a PE ratio of 9.99, a P/E/G ratio of 2.19 and a beta of 1.07. The business has a 50-day moving average of $328.65 and a 200-day moving average of $345.57.

Cummins (NYSE:CMI - Get Free Report) last released 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 net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the firm earned $4.14 EPS. The company's revenue was down 1.1% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is presently 25.84%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CMI shares. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and reduced their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, Robert W. Baird lowered their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price 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.