Kovitz Investment Group Partners LLC Cuts Holdings in Cummins Inc. (NYSE:CMI)

Kovitz Investment Group Partners LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 79.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,778 shares of the company's stock after selling 33,737 shares during the period. Kovitz Investment Group Partners LLC's holdings in Cummins were worth $3,060,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Norges Bank purchased a new position in shares of Cummins during the 4th quarter valued at approximately $499,490,000. Raymond James Financial Inc. purchased a new position in Cummins in the fourth quarter valued at $187,082,000. Vanguard Group Inc. raised its position 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 acquiring an additional 250,650 shares during the period. Neuberger Berman Group LLC boosted its stake in shares of Cummins by 57.0% during the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock worth $224,317,000 after acquiring an additional 233,694 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Cummins during the 4th quarter valued at about $71,279,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE:CMI traded up $1.06 during midday trading on Thursday, hitting $294.90. The company had a trading volume of 584,149 shares, compared to its average volume of 807,195. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The stock has a market cap of $40.62 billion, a price-to-earnings ratio of 10.47, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The business's 50-day simple moving average is $313.00 and its 200-day simple moving average is $342.91. 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 posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating 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 company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the business earned $4.14 earnings per share. The company's revenue for the quarter was down 1.1% on a year-over-year basis. On average, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

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

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. Citigroup dropped their price objective on Cummins from $360.00 to $320.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. JPMorgan Chase & Co. dropped their price target on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. StockNews.com cut shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and dropped their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Evercore ISI upped their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $346.00.

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.