Franklin Resources Inc. cut its position in shares of Cummins Inc. (NYSE:CMI) by 0.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,170,885 shares of the company’s stock after selling 1,454 shares during the period. Franklin Resources Inc. owned 1.31% of Cummins worth $383,464,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Caxton Associates LP raised its stake in shares of Cummins by 127.5% during the 4th quarter. Caxton Associates LP now owns 7,735 shares of the company’s stock worth $1,366,000 after purchasing an additional 4,335 shares in the last quarter. Advisor Group Inc. raised its stake in shares of Cummins by 17.0% during the 4th quarter. Advisor Group Inc. now owns 32,140 shares of the company’s stock worth $5,679,000 after purchasing an additional 4,670 shares in the last quarter. Profund Advisors LLC raised its stake in shares of Cummins by 18.8% during the 4th quarter. Profund Advisors LLC now owns 5,027 shares of the company’s stock worth $888,000 after purchasing an additional 795 shares in the last quarter. Moors & Cabot Inc. raised its stake in shares of Cummins by 40.2% during the 4th quarter. Moors & Cabot Inc. now owns 2,978 shares of the company’s stock worth $526,000 after purchasing an additional 854 shares in the last quarter. Finally, Granite Investment Advisors LLC purchased a new stake in shares of Cummins during the 4th quarter worth about $428,000. 84.20% of the stock is owned by institutional investors.
Cummins Inc. (CMI) opened at $162.57 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.57 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $26,935.09, a P/E ratio of 27.32, a price-to-earnings-growth ratio of 1.14 and a beta of 1.19. Cummins Inc. has a 1 year low of $143.83 and a 1 year high of $194.18.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $3.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.65 by $0.38. The company had revenue of $5.48 billion for the quarter, compared to the consensus estimate of $5.23 billion. Cummins had a return on equity of 22.18% and a net margin of 4.89%. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.25 EPS. equities analysts anticipate that Cummins Inc. will post 12.55 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 8th. Shareholders of record on Friday, February 23rd were given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 72.61%.
CMI has been the subject of a number of recent research reports. Goldman Sachs downgraded Cummins from a “buy” rating to a “neutral” rating and set a $180.00 price target for the company. in a research note on Thursday, November 30th. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Barclays started coverage on Cummins in a research note on Tuesday, December 12th. They set an “equal weight” rating and a $180.00 price target for the company. Oppenheimer started coverage on Cummins in a research note on Thursday, December 7th. They issued an “outperform” rating and a $192.00 price objective on the stock. Finally, Bank of America raised Cummins from a “neutral” rating to a “buy” rating and set a $215.00 price objective on the stock in a research note on Friday, January 19th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $187.61.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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