Cummins Inc. (NYSE:CMI) Shares Sold by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD cut its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 8.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,297,988 shares of the company's stock after selling 502,065 shares during the period. Price T Rowe Associates Inc. MD owned 3.86% of Cummins worth $1,846,879,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CMI. Norges Bank acquired a new position in shares of Cummins during the fourth quarter valued at approximately $499,490,000. Raymond James Financial Inc. acquired a new stake in Cummins in the 4th quarter valued at about $187,082,000. Vanguard Group Inc. increased its stake 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 worth $5,912,830,000 after acquiring an additional 250,650 shares during the last quarter. Neuberger Berman Group LLC boosted its position 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 valued at $224,317,000 after acquiring an additional 233,694 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Cummins in the fourth quarter valued at about $71,279,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 0.3 %

Shares of NYSE CMI traded up $0.88 during mid-day trading on Monday, hitting $294.14. The company had a trading volume of 227,957 shares, compared to its average volume of 804,826. The company has a market capitalization of $40.52 billion, a PE ratio of 10.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The business's 50-day simple moving average is $318.12 and its 200 day simple moving average is $343.89. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. 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 quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (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 analyst estimates of $8.06 billion. During the same quarter last year, the company earned $4.14 EPS. Cummins's revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed 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 2.48%. Cummins's dividend payout ratio (DPR) is currently 25.84%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Citigroup dropped their price target on shares of Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. StockNews.com cut Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. Robert W. Baird decreased their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Finally, Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $346.00.

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.