Transce3nd LLC Buys New Position in Cummins Inc. (NYSE:CMI)

Transce3nd LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, HoldingsChannel.com reports. The fund bought 139 shares of the company’s stock, valued at approximately $50,000.

Several other hedge funds also recently modified their holdings of CMI. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new stake in shares of Cummins during the fourth quarter worth $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins in the fourth quarter valued at $27,000. Meeder Asset Management Inc. increased its stake in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC acquired a new stake in Cummins in the 4th quarter worth about $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 1.7 %

NYSE CMI opened at $278.74 on Wednesday. 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 fifty-two week low of $260.02 and a fifty-two week high of $387.90. The business has a 50 day moving average price of $323.22 and a two-hundred day moving average price of $344.66. The stock has a market cap of $38.39 billion, a PE ratio of 9.89, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share 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 business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the firm earned $4.14 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders 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 2.61%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

A number of research analysts have recently commented on CMI shares. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays lifted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Citigroup dropped their price objective on Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. UBS Group downgraded Cummins from a “buy” rating to a “sell” rating and lowered their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Morgan Stanley cut their price objective on Cummins from $425.00 to $340.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $346.00.

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.