State of Tennessee Department of Treasury Decreases Stake in Cummins Inc. (NYSE:CMI)

State of Tennessee Department of Treasury reduced its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 7.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 71,689 shares of the company's stock after selling 6,060 shares during the quarter. State of Tennessee Department of Treasury owned approximately 0.05% of Cummins worth $24,991,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CMI. Global Trust Asset Management LLC raised its position in Cummins by 59.6% during 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 last quarter. BankPlus Trust Department bought a new position in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins in the fourth quarter worth approximately $27,000. Meeder Asset Management Inc. boosted its holdings in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after acquiring an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC acquired a new stake in Cummins during the 4th quarter valued at approximately $28,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Down 0.1 %

Shares of Cummins stock traded down $0.40 during trading hours on Friday, reaching $293.56. The company's stock had a trading volume of 576,426 shares, compared to its average volume of 805,598. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock's fifty day simple moving average is $319.84 and its two-hundred day simple moving average is $343.98. The company has a market capitalization of $40.44 billion, a P/E ratio of 10.42, a P/E/G ratio of 2.19 and a beta of 1.07. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.48%. Cummins's dividend payout ratio (DPR) is currently 25.84%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and reduced their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Finally, Morgan Stanley cut their price target on Cummins from $425.00 to $340.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus 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.