Vanguard Group Inc. Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Vanguard Group Inc. boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 1.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 16,961,646 shares of the company's stock after acquiring an additional 250,650 shares during the quarter. Vanguard Group Inc. owned 12.36% of Cummins worth $5,912,830,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Avior Wealth Management LLC raised its stake in Cummins by 44.9% in the 3rd quarter. Avior Wealth Management LLC now owns 342 shares of the company's stock valued at $111,000 after purchasing an additional 106 shares during the last quarter. LPL Financial LLC increased its stake in Cummins by 6.1% during the third quarter. LPL Financial LLC now owns 317,000 shares of the company's stock worth $102,641,000 after acquiring an additional 18,294 shares during the last quarter. Icon Wealth Advisors LLC lifted its stake in shares of Cummins by 16.0% in the 3rd quarter. Icon Wealth Advisors LLC now owns 1,540 shares of the company's stock valued at $499,000 after purchasing an additional 212 shares during the last quarter. Great Valley Advisor Group Inc. increased its position in shares of Cummins by 3.2% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,839 shares of the company's stock worth $920,000 after purchasing an additional 87 shares during the last quarter. Finally, Cerity Partners LLC lifted its position in Cummins by 13.4% in the third quarter. Cerity Partners LLC now owns 115,542 shares of the company's stock valued at $37,411,000 after buying an additional 13,660 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

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Analyst Ratings Changes

Several analysts recently weighed in on the stock. Jefferies Financial Group lifted their target price on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a report on Friday, December 6th. JPMorgan Chase & Co. lowered their price objective on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research note on Tuesday, March 18th. Citigroup cut their target price on shares of Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research note on Tuesday, January 14th. StockNews.com downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday. Finally, Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of "Hold" and a consensus price target of $389.50.

Cummins Stock Down 1.6 %

CMI stock traded down $5.15 during trading on Thursday, hitting $322.87. 341,792 shares of the company's stock were exchanged, compared to its average volume of 759,349. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The business has a 50-day moving average price of $354.07 and a two-hundred day moving average price of $348.10. The stock has a market capitalization of $44.39 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 2.19 and a beta of 1.01.

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 analysts' consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. During the same period in the previous year, the company earned $4.14 earnings per share. Cummins's quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's payout ratio is currently 25.84%.

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.