Steward Partners Investment Advisory LLC Decreases Holdings in Cummins Inc. (NYSE:CMI)

Steward Partners Investment Advisory LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,792 shares of the company’s stock after selling 489 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Cummins were worth $2,019,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Mariner Investment Group LLC purchased a new position in shares of Cummins during the fourth quarter worth approximately $1,046,000. Alpha DNA Investment Management LLC purchased a new position in shares of Cummins during the third quarter worth approximately $748,000. Franklin Resources Inc. grew its holdings 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 purchasing an additional 99,464 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Cummins by 21.2% in the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after purchasing an additional 68,627 shares during the last quarter. Finally, Hancock Whitney Corp grew its holdings in shares of Cummins by 545.1% in the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after purchasing an additional 32,642 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI stock opened at $341.97 on Friday. Cummins Inc. has a 12 month low of $260.88 and a 12 month high of $387.90. The stock has a market cap of $47.01 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company’s fifty day moving average price is $361.77 and its 200-day moving average price is $346.22.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the business posted $4.14 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, equities analysts expect 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 issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Ratings Changes

CMI has been the topic of several recent analyst reports. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Robert W. Baird raised their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Evercore ISI raised their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Citigroup cut their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $386.67.

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.