Cummins Inc. (NYSE:CMI) Shares Acquired by Fmr LLC

Fmr LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 5.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,242,362 shares of the company’s stock after purchasing an additional 67,266 shares during the quarter. Fmr LLC owned approximately 0.91% of Cummins worth $433,087,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in CMI. Vanguard Group Inc. raised its position in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Geode Capital Management LLC grew its stake in Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after acquiring an additional 84,112 shares in the last quarter. Fisher Asset Management LLC grew its stake in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after acquiring an additional 66,887 shares in the last quarter. Norges Bank purchased a new position in Cummins during the 4th quarter valued at about $499,490,000. Finally, Bank of New York Mellon Corp grew its stake in Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after acquiring an additional 120,579 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMI. Evercore ISI lifted their price target on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and reduced their target price for the stock from $400.00 to $240.00 in a report on Monday. Finally, Citigroup reduced their target price on Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $359.75.

Cummins Trading Up 11.0 %

Shares of CMI stock opened at $296.51 on Thursday. The firm has a fifty day moving average of $338.50 and a 200-day moving average of $347.35. The stock has a market cap of $40.84 billion, a price-to-earnings ratio of 10.53, a P/E/G ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. 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 released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates 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%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period last year, the firm earned $4.14 EPS. On average, equities research analysts forecast 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. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date was 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.