Stifel Financial Corp Lowers Position in Cummins Inc. (NYSE:CMI)

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

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CMI. JPMorgan Chase & Co. decreased their price target on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Evercore ISI boosted 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. Morgan Stanley reduced their price objective 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. StockNews.com cut shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Finally, Barclays boosted their price target on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Cummins presently has an average rating of "Hold" and a consensus target price of $346.00.

Cummins Stock Down 0.1 %

NYSE:CMI traded down $0.40 during mid-day trading on Friday, hitting $293.56. 576,426 shares of the company's stock were exchanged, compared to its average volume of 805,761. 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 business has a fifty day moving average price of $318.12 and a 200 day moving average price of $343.74. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a market cap of $40.44 billion, a PE ratio of 10.42, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $8.06 billion. During the same period in the prior year, the firm earned $4.14 EPS. The company's revenue was down 1.1% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 22.54 EPS 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 paid a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.48%. Cummins's payout ratio is 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.