Tower Research Capital LLC TRC lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 24.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 6,210 shares of the company's stock after purchasing an additional 1,225 shares during the period. Tower Research Capital LLC TRC's holdings in Cummins were worth $2,165,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Cummins in the fourth quarter valued at about $499,490,000. Raymond James Financial Inc. purchased a new position in Cummins during the 4th quarter valued at about $187,082,000. Vanguard Group Inc. raised its position in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in Cummins by 57.0% in the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after buying an additional 233,694 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in shares of Cummins in the 4th quarter worth approximately $71,279,000. 83.46% of the stock is owned by hedge funds and other institutional investors.
Cummins Stock Performance
Shares of CMI stock opened at $278.74 on Wednesday. The company has a market capitalization of $38.39 billion, a price-to-earnings ratio of 9.89, 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 quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company's 50-day moving average is $323.22 and its 200 day moving average is $344.66.
Cummins (NYSE:CMI - Get Free Report) last announced 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 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 last year, the firm earned $4.14 earnings per share. The firm's quarterly revenue was down 1.1% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.
Cummins Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.61%. Cummins's payout ratio is 25.84%.
Analysts Set New Price Targets
A number of analysts recently commented on CMI shares. Citigroup dropped their price target on Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and decreased their price target for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Morgan Stanley reduced their target price on Cummins from $425.00 to $340.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Barclays raised 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. 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 company's stock. Based on data from MarketBeat, Cummins has a consensus rating of "Hold" and an average target price of $346.00.
Read Our Latest Stock Report on Cummins
About Cummins
(
Free Report)
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.
Further Reading
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