Synovus Financial Corp Buys 1,996 Shares of Cummins Inc. (NYSE:CMI)

Synovus Financial Corp boosted its position in Cummins Inc. (NYSE:CMI - Free Report) by 12.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,887 shares of the company's stock after acquiring an additional 1,996 shares during the period. Synovus Financial Corp's holdings in Cummins were worth $6,236,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Evercore ISI upped their price objective on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Robert W. Baird reduced their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday. Morgan Stanley cut their target price on shares of Cummins from $425.00 to $340.00 and set an "overweight" rating for the company in a research note on Wednesday. JPMorgan Chase & Co. lowered their target price on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Finally, Citigroup decreased 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $346.00.

Cummins Price Performance

Shares of CMI traded up $0.81 during trading hours on Friday, reaching $281.37. The stock had a trading volume of 624,084 shares, compared to its average volume of 811,560. The stock has a market capitalization of $38.76 billion, a PE ratio of 9.99, a PEG ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company's 50-day moving average is $326.83 and its two-hundred day moving average is $345.26.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the firm posted $4.14 earnings per share. The firm's revenue was down 1.1% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.59%. Cummins's dividend payout ratio (DPR) is presently 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.