Voya Investment Management LLC Boosts Holdings in Cummins Inc. (NYSE:CMI)

Voya Investment Management LLC boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 21.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 495,407 shares of the company's stock after purchasing an additional 85,865 shares during the quarter. Voya Investment Management LLC owned about 0.36% of Cummins worth $172,699,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC grew its position 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 valued at $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. lifted its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC acquired a new stake in shares of Cummins in the 4th quarter valued at about $28,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Evercore ISI lifted their price target on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and reduced their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Morgan Stanley lowered their price objective on shares of Cummins from $425.00 to $340.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Finally, StockNews.com downgraded shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $346.00.

Cummins Price Performance

Shares of CMI traded down $0.40 during trading hours on Friday, reaching $293.56. The company had a trading volume of 576,426 shares, compared to its average volume of 807,069. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a 50 day simple moving average of $318.12 and a 200-day simple moving average of $343.81. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. 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.

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

Cummins Announces Dividend

The company also recently disclosed 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. This represents a $7.28 annualized dividend and a dividend yield of 2.48%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is 25.84%.

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.