Northern Trust Corp Boosts Stock Position in Cummins Inc. (NYSE:CMI)

Northern Trust Corp grew its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 15.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,883,012 shares of the company's stock after purchasing an additional 246,807 shares during the period. Northern Trust Corp owned approximately 1.37% of Cummins worth $656,418,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Global Trust Asset Management LLC increased its stake in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department acquired a new position in Cummins in the 4th quarter worth about $26,000. Compass Financial Services Inc bought a new position in Cummins in the fourth quarter valued at about $27,000. Meeder Asset Management Inc. boosted its stake in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC bought a new stake in shares of Cummins during the fourth quarter worth about $28,000. Institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research reports. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and dropped their price objective for the company from $400.00 to $240.00 in a report on Monday, April 7th. JPMorgan Chase & Co. dropped their price objective on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Truist Financial dropped their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. Finally, Citigroup dropped their price objective on shares of Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $346.00.

Cummins Trading Up 0.4 %

Shares of CMI traded up $1.06 during trading hours on Thursday, reaching $294.90. 584,149 shares of the company traded hands, compared to its average volume of 805,434. The company's fifty day moving average price is $313.00 and its two-hundred day moving average price is $342.91. The company has a market capitalization 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 company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90.

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

Cummins Announces Dividend

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

Cummins 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.