Cummins Inc. (NYSE:CMI) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 3.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,388 shares of the company’s stock after selling 78 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Cummins were worth $832,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Global Trust Asset Management LLC grew its stake 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 period. BankPlus Trust Department purchased a new position in 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 valued at about $27,000. TCTC Holdings LLC purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $28,000. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Cummins during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CMI shares. Citigroup dropped their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. UBS Group lowered their price objective on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Barclays upped their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Robert W. Baird raised their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $389.50.

Cummins Stock Down 3.1 %

Shares of NYSE:CMI opened at $313.45 on Friday. 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 $352.17 and a 200-day simple moving average of $348.05. The company has a market capitalization of $43.09 billion, a PE ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) 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 in the prior year, the firm posted $4.14 earnings per share. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal 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 2.32%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio 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.