Aviva PLC Has $57.97 Million Holdings in Cummins Inc. (NYSE:CMI)

Aviva PLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 166,286 shares of the company’s stock after selling 12,735 shares during the quarter. Aviva PLC owned about 0.12% of Cummins worth $57,967,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Mariner Investment Group LLC bought a new position in shares of Cummins in the 4th quarter valued at approximately $1,046,000. Franklin Resources Inc. lifted its stake in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after buying an additional 99,464 shares during the last quarter. Axxcess Wealth Management LLC boosted its holdings in shares of Cummins by 133.4% during the 4th quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock worth $2,021,000 after buying an additional 3,314 shares during the period. Concurrent Investment Advisors LLC grew its stake in Cummins by 296.0% in the 4th quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock valued at $4,128,000 after buying an additional 8,851 shares during the last quarter. Finally, Capital Investment Advisors LLC raised its holdings in Cummins by 2.0% in the 4th quarter. Capital Investment Advisors LLC now owns 110,386 shares of the company’s stock worth $38,481,000 after acquiring an additional 2,211 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 18th. Bank of America upgraded 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 note on Tuesday, January 14th. Citigroup dropped their price target on Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Robert W. Baird increased their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Finally, UBS Group cut their target price 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. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $383.67.

Cummins Stock Performance

NYSE:CMI opened at $277.82 on Friday. The firm has a market capitalization of $38.19 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The firm has a 50-day moving average price of $345.89 and a 200 day moving average price of $348.60.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The business 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%. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.14 EPS. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.62%. Cummins’s dividend payout ratio is presently 25.84%.

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.