Waterfront Wealth Inc. Has $347,000 Holdings in Cummins Inc. (NYSE:CMI)

Waterfront Wealth Inc. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 994 shares of the company’s stock after selling 50 shares during the quarter. Waterfront Wealth Inc.’s holdings in Cummins were worth $347,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CMI. PFG Investments LLC increased its holdings in shares of Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares during the last quarter. Mariner Investment Group LLC acquired a new position in Cummins during the fourth quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC acquired a new position in Cummins during the third quarter valued at approximately $748,000. Franklin Resources Inc. raised its position in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares during the period. Finally, Bank of Montreal Can lifted its stake in shares of Cummins by 21.2% in the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after buying an additional 68,627 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

CMI opened at $366.79 on Friday. The stock’s 50 day simple moving average is $361.51 and its 200-day simple moving average is $341.71. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a market cap of $50.43 billion, a PE ratio of 13.02, a P/E/G ratio of 2.20 and a beta of 1.00. Cummins Inc. has a 1 year low of $259.06 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results 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. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.14 EPS. Sell-side analysts forecast that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CMI shares. Citigroup lowered their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Jefferies Financial Group raised their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday. StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Finally, The Goldman Sachs Group upped their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $386.67.

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.