Cummins Inc. (NYSE:CMI) Position Lessened by First Trust Advisors LP

First Trust Advisors LP lessened its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 79.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 175,476 shares of the company's stock after selling 668,819 shares during the quarter. First Trust Advisors LP owned approximately 0.13% of Cummins worth $61,171,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Mariner Investment Group LLC purchased a new stake in Cummins in the 4th quarter valued at about $1,046,000. FMR LLC grew its holdings in Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after purchasing an additional 67,266 shares during the period. National Bank of Canada FI increased its position in Cummins by 4.2% during the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after purchasing an additional 3,298 shares during the last quarter. Franklin Resources Inc. raised its stake in Cummins by 74.2% during 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 period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock valued at $54,876,000 after purchasing an additional 6,107 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on CMI shares. Robert W. Baird cut their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and dropped their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Evercore ISI increased their price target on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $346.00.

Cummins Stock Up 0.5 %

CMI traded up $1.39 during trading on Monday, hitting $294.65. The company had a trading volume of 138,488 shares, compared to its average volume of 804,480. The company has a market cap of $40.59 billion, a PE ratio of 10.46, a P/E/G ratio of 2.19 and a beta of 1.07. 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 Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The business has a 50-day moving average of $318.12 and a 200-day moving average of $343.89.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period last year, the firm earned $4.14 earnings per share. The company's revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.47%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio (DPR) is presently 25.84%.

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.