Intech Investment Management LLC Takes $980,000 Position in Cummins Inc. (NYSE:CMI)

Intech Investment Management LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,810 shares of the company’s stock, valued at approximately $980,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Avior Wealth Management LLC grew its stake in shares of Cummins by 44.9% during the third quarter. Avior Wealth Management LLC now owns 342 shares of the company’s stock worth $111,000 after purchasing an additional 106 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Cummins during the third quarter worth $32,000. LPL Financial LLC grew its stake in shares of Cummins by 6.1% during the third quarter. LPL Financial LLC now owns 317,000 shares of the company’s stock worth $102,641,000 after purchasing an additional 18,294 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Cummins by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after purchasing an additional 6,608 shares during the period. Finally, Allen Capital Group LLC grew its stake in shares of Cummins by 5.2% during the third quarter. Allen Capital Group LLC now owns 1,157 shares of the company’s stock worth $375,000 after purchasing an additional 57 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Citigroup decreased their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Friday, March 14th. UBS Group reduced their target price on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Finally, Robert W. Baird lifted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $389.50.

Cummins Stock Performance

Shares of NYSE CMI opened at $321.78 on Friday. 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 has a market capitalization of $44.24 billion, a P/E ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. The stock has a 50 day moving average of $355.99 and a 200-day moving average of $347.41.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for 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 company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $4.14 earnings per share. As a group, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed 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 2.26%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 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.