Proficio Capital Partners LLC Invests $71.28 Million in Cummins Inc. (NYSE:CMI)

Proficio Capital Partners LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 204,472 shares of the company’s stock, valued at approximately $71,279,000. Proficio Capital Partners LLC owned 0.15% of Cummins at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. State Street Corp boosted its position in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares during the period. Fisher Asset Management LLC boosted its position in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares during the period. FMR LLC boosted its position in shares of Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after buying an additional 9,245 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Cummins by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after buying an additional 120,579 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Cummins by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after buying an additional 6,608 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMI has been the subject of several analyst reports. Barclays boosted their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, The Goldman Sachs Group upped their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $386.67.

Cummins Price Performance

Shares of NYSE:CMI opened at $364.35 on Friday. Cummins Inc. has a one year low of $260.88 and a one year high of $387.90. The stock has a fifty day moving average of $361.99 and a 200-day moving average of $343.63. The company has a market capitalization of $50.09 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. 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 (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the firm earned $4.14 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is currently 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.