Cummins Inc. (NYSE:CMI) Position Raised by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc raised its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 99.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 63,431 shares of the company's stock after acquiring an additional 31,662 shares during the period. Ensign Peak Advisors Inc's holdings in Cummins were worth $22,112,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Cummins during the 4th quarter worth approximately $499,490,000. Raymond James Financial Inc. acquired a new stake in Cummins during the 4th quarter valued at $187,082,000. Vanguard Group Inc. grew its holdings in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock valued at $5,912,830,000 after buying an additional 250,650 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after purchasing an additional 246,807 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in shares of Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after purchasing an additional 233,694 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on CMI. Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. StockNews.com lowered Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. JPMorgan Chase & Co. increased their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and raised their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, UBS Group lowered Cummins from a "buy" rating to a "sell" rating and cut their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Cummins has a consensus rating of "Hold" and an average price target of $354.83.

Cummins Stock Down 0.3%

Shares of NYSE CMI traded down $1.11 during midday trading on Wednesday, reaching $333.47. 940,244 shares of the company's stock were exchanged, compared to its average volume of 810,287. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The stock has a market capitalization of $45.94 billion, a PE ratio of 11.84, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The business's fifty day moving average price is $304.14 and its two-hundred day moving average price is $341.42.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the firm earned $5.08 earnings per share. The company's revenue for the quarter was down 2.7% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.18%. Cummins's payout ratio is 36.22%.

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.