Fisher Asset Management LLC Has $1.07 Billion Holdings in Cummins Inc. (NYSE:CMI)

Fisher Asset Management LLC boosted its position in Cummins Inc. (NYSE:CMI) by 2.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 3,072,457 shares of the company’s stock after purchasing an additional 66,887 shares during the period. Fisher Asset Management LLC owned about 2.24% of Cummins worth $1,071,059,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Global Trust Asset Management LLC grew its position in 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 purchasing an additional 28 shares in the last quarter. BankPlus Trust Department bought a new stake in Cummins in the 4th quarter worth about $26,000. Compass Financial Services Inc bought a new stake in Cummins in the 4th quarter worth about $27,000. Prospera Private Wealth LLC bought a new stake in Cummins in the 3rd quarter worth about $32,000. Finally, Kestra Investment Management LLC bought a new stake in Cummins in the 4th quarter worth about $43,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Up 1.0 %

CMI opened at $367.90 on Friday. The company has a 50 day moving average of $362.32 and a 200 day moving average of $344.17. The company has a market cap of $50.58 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 12 month low of $260.88 and a 12 month high of $387.90. 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 (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion during 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%. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the firm earned $4.14 EPS. On average, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current 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 $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CMI. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. The Goldman Sachs Group increased their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $386.67.

About Cummins

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.