Lazard Asset Management LLC Has $15.73 Million Holdings in Cummins Inc. (NYSE:CMI)

Lazard Asset Management LLC trimmed its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 25.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,133 shares of the company's stock after selling 15,479 shares during the quarter. Lazard Asset Management LLC's holdings in Cummins were worth $15,732,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Cummins during the 4th quarter valued at $499,490,000. Raymond James Financial Inc. bought a new stake in shares of Cummins in the 4th quarter valued at $187,082,000. Vanguard Group Inc. increased its position in shares of Cummins by 1.5% in 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 in the last quarter. Northern Trust Corp increased its position in shares of Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock valued at $656,418,000 after buying an additional 246,807 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its position in shares of Cummins by 57.0% in the 4th quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company's stock valued at $224,317,000 after buying an additional 233,694 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 0.8%

Shares of NYSE CMI traded up $2.67 during mid-day trading on Friday, hitting $334.78. The company had a trading volume of 782,982 shares, compared to its average volume of 807,865. The company has a market capitalization of $46.12 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The firm has a 50-day simple moving average of $304.05 and a two-hundred day simple moving average of $341.37. 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.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. 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 business posted $5.08 EPS. Cummins's revenue was down 2.7% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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 paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.17%. Cummins's dividend payout ratio (DPR) is currently 36.22%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CMI. Barclays upped their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. StockNews.com cut Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Robert W. Baird lowered their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Evercore ISI increased their target price on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Finally, UBS Group cut Cummins from a "buy" rating to a "sell" rating and lowered their target price for the stock from $400.00 to $240.00 in a 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 company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $354.83.

Insider Activity at Cummins

In other news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now owns 2,441 shares of the company's stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.41% of the stock is currently owned by company insiders.

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.