Cummins Inc. (NYSE:CMI) Shares Sold by Stifel Financial Corp

Stifel Financial Corp cut its position in Cummins Inc. (NYSE:CMI - Free Report) by 25.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,123,627 shares of the company's stock after selling 381,999 shares during the quarter. Stifel Financial Corp owned 0.82% of Cummins worth $391,697,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of CMI. Norges Bank purchased a new position in shares of Cummins in the fourth quarter valued at approximately $499,490,000. Raymond James Financial Inc. acquired a new stake in Cummins during the 4th quarter worth approximately $187,082,000. Vanguard Group Inc. lifted its holdings in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares in the last quarter. Neuberger Berman Group LLC grew its stake in shares of Cummins by 57.0% in the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after acquiring an additional 233,694 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Cummins during the fourth quarter worth $71,279,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of CMI traded down $0.40 during midday trading on Friday, reaching $293.56. 576,426 shares of the stock were exchanged, compared to its average volume of 805,598. Cummins Inc. has a twelve month low of $260.02 and a twelve month 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 capitalization of $40.44 billion, a price-to-earnings ratio of 10.42, a PEG ratio of 2.19 and a beta of 1.07. The business's 50-day moving average price is $319.84 and its 200 day moving average price is $343.98.

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, topping analysts' consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the business posted $4.14 EPS. The firm's quarterly revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. StockNews.com cut Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and cut their target price for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Morgan Stanley decreased their price target on shares of Cummins from $425.00 to $340.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Citigroup dropped their price objective on shares of Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Finally, Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $346.00.

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.