Synovus Financial Corp Acquires 1,996 Shares of Cummins Inc. (NYSE:CMI)

Synovus Financial Corp boosted its position in Cummins Inc. (NYSE:CMI - Free Report) by 12.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,887 shares of the company's stock after acquiring an additional 1,996 shares during the period. Synovus Financial Corp's holdings in Cummins were worth $6,236,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. 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 acquiring an additional 28 shares during the last quarter. BankPlus Trust Department bought a new stake in Cummins during the 4th quarter valued at $26,000. Compass Financial Services Inc bought a new stake in Cummins during the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. grew its stake in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC purchased a new stake in shares of Cummins during the 4th quarter valued at $28,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Trading Up 0.3 %

Shares of NYSE: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. The stock has a market cap of $38.76 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. 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 fifty day simple moving average of $328.65 and a two-hundred day simple moving average of $345.57. 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 issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm's revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.14 EPS. As a group, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders 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 2.59%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio is currently 25.84%.

Analysts Set New Price Targets

A number of research analysts recently commented on CMI shares. Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Citigroup decreased their price objective on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. JPMorgan Chase & Co. reduced their price target on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Finally, Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus target price of $346.00.

Cummins 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.