Jacobs Levy Equity Management Inc. Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

Jacobs Levy Equity Management Inc. decreased its position in Cummins Inc. (NYSE:CMI - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 193,091 shares of the company's stock after selling 4,362 shares during the quarter. Jacobs Levy Equity Management Inc. owned approximately 0.14% of Cummins worth $67,312,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after buying an additional 250,650 shares during the period. Geode Capital Management LLC raised its stake in Cummins by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after purchasing an additional 84,112 shares during the period. Fisher Asset Management LLC raised its stake in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the period. Northern Trust Corp raised its stake in Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after purchasing an additional 246,807 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in Cummins by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock valued at $552,820,000 after purchasing an additional 12,722 shares during the period. Institutional investors own 83.46% of the company's stock.

Cummins Stock Down 0.2%

Shares of CMI traded down $0.81 during trading hours on Thursday, hitting $332.02. The company had a trading volume of 652,251 shares, compared to its average volume of 809,658. The company has a market capitalization of $45.74 billion, a PE ratio of 11.79, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company's fifty day moving average price is $303.97 and its two-hundred day moving average price is $341.37.

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

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors 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 2.19%. Cummins's dividend payout ratio (DPR) is 36.22%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Citigroup lifted their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday. Morgan Stanley lifted their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Finally, Robert W. Baird cut their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. One 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 data from MarketBeat.com, Cummins has a consensus rating of "Hold" and a consensus price target of $354.83.

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.