Ethic Inc. grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 135.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,480 shares of the company's stock after purchasing an additional 6,026 shares during the period. Ethic Inc.'s holdings in Cummins were worth $3,653,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of the stock. Fiduciary Trust Co increased its stake in Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after purchasing an additional 28 shares in the last quarter. Clark Capital Management Group Inc. bought a new stake in Cummins during the 4th quarter valued at about $262,000. Colonial Trust Co SC increased its stake in Cummins by 49.0% during the 4th quarter. Colonial Trust Co SC now owns 669 shares of the company's stock valued at $233,000 after purchasing an additional 220 shares in the last quarter. Concentric Capital Strategies LP bought a new stake in Cummins during the 4th quarter valued at about $10,726,000. Finally, Cornerstone Select Advisors LLC purchased a new stake in shares of Cummins during the 4th quarter valued at about $389,000. Institutional investors own 83.46% of the company's stock.
Cummins Trading 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. The firm's 50 day simple moving average is $304.14 and its two-hundred day simple moving average is $341.42. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The stock has a market cap of $45.94 billion, a price-to-earnings ratio of 11.84, a P/E/G ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.
Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $8.22 billion. During the same quarter in the previous year, the company posted $5.08 earnings per share. The company's revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.
Cummins Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.18%. Cummins's dividend payout ratio is presently 36.22%.
Analyst Ratings Changes
A number of analysts have recently issued reports on CMI shares. Morgan Stanley raised their price target on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. StockNews.com downgraded shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Barclays lifted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and reduced their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $354.83.
Read Our Latest Research Report on CMI
Cummins Company Profile
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Free Report)
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.
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