Cummins Inc. (NYSE:CMI) Position Increased by Graypoint LLC

Graypoint LLC raised its position in Cummins Inc. (NYSE:CMI) by 2.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,874 shares of the company’s stock after purchasing an additional 36 shares during the quarter. Graypoint LLC’s holdings in Cummins were worth $653,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. State Street Corp grew its stake in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares during the last quarter. Pathway Financial Advisers LLC grew its position in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after purchasing an additional 26,977 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after purchasing an additional 31,190 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 1.2 %

Shares of CMI opened at $355.31 on Friday. The stock’s 50-day moving average price is $361.92 and its 200 day moving average price is $324.73. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12-month low of $226.52 and a 12-month high of $387.90. The firm has a market capitalization of $48.74 billion, a price-to-earnings ratio of 23.47, a P/E/G ratio of 1.80 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the company posted $4.73 earnings per share. As a group, research analysts predict that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.05%. The ex-dividend date was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last quarter. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CMI. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Finally, StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $363.50.

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.