Cresset Asset Management LLC Sells 14,851 Shares of Cummins Inc. (NYSE:CMI)

Cresset Asset Management LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 59.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,282 shares of the company's stock after selling 14,851 shares during the period. Cresset Asset Management LLC's holdings in Cummins were worth $3,584,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMI. Global Trust Asset Management LLC increased its stake in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department bought a new stake in shares of Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc bought a new position in shares of Cummins during the 4th quarter valued at approximately $27,000. Meeder Asset Management Inc. lifted 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 purchased a new stake in Cummins in the 4th quarter worth about $28,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on CMI. JPMorgan Chase & Co. upped their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Evercore ISI lifted their price target on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. StockNews.com cut Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. Finally, Citigroup cut their target price on Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $352.33.

Cummins Price Performance

NYSE:CMI traded up $0.40 during trading hours on Friday, hitting $306.81. 512,986 shares of the company's stock traded hands, compared to its average volume of 807,286. The business's fifty day simple moving average is $304.66 and its two-hundred day simple moving average is $341.45. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The firm has a market cap of $42.26 billion, a P/E ratio of 10.89, a P/E/G ratio of 2.19 and a beta of 1.02. 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 (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. The company had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm's revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.08 EPS. On average, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is presently 36.22%.

About Cummins

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.