Polymer Capital Management HK LTD Invests $376,000 in Cummins Inc. (NYSE:CMI)

Polymer Capital Management HK LTD acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,079 shares of the company’s stock, valued at approximately $376,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mariner Investment Group LLC bought a new stake in Cummins during the fourth quarter worth about $1,046,000. National Bank of Canada FI lifted its position in Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after buying an additional 3,298 shares during the last quarter. Franklin Resources Inc. boosted its stake in 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 in the last quarter. Axxcess Wealth Management LLC grew its position in Cummins by 133.4% during the fourth quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock valued at $2,021,000 after acquiring an additional 3,314 shares during the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of Cummins by 296.0% during the fourth quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock worth $4,128,000 after acquiring an additional 8,851 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of Cummins stock opened at $277.82 on Monday. The business has a 50 day moving average of $345.89 and a 200 day moving average of $348.94. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The company has a market cap of $38.19 billion, a PE ratio of 9.86, a P/E/G 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 (NYSE:CMI) last issued 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. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the business earned $4.14 EPS. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current 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 given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.62%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Analyst Ratings Changes

Several equities analysts recently commented on CMI shares. JPMorgan Chase & Co. reduced their target price on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. UBS Group reduced their price target on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Finally, Robert W. Baird boosted 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. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $383.67.

Cummins Company 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.