Flputnam Investment Management Co. Lowers Holdings in Cummins Inc. (NYSE:CMI)

Flputnam Investment Management Co. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 36.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,718 shares of the company’s stock after selling 6,761 shares during the period. Flputnam Investment Management Co.’s holdings in Cummins were worth $4,085,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of CMI. Mariner Investment Group LLC purchased a new position in Cummins during the fourth quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $748,000. Franklin Resources Inc. grew its stake in shares of Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares during the period. Bank of Montreal Can increased its holdings in shares of Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after purchasing an additional 68,627 shares in the last quarter. Finally, Hancock Whitney Corp lifted its stake in shares of Cummins by 545.1% in the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after purchasing an additional 32,642 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on CMI shares. Citigroup dropped their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Barclays raised their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Robert W. Baird upped their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Finally, Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Trading Up 1.0 %

Shares of CMI stock opened at $367.90 on Friday. Cummins Inc. has a fifty-two week low of $260.88 and a fifty-two week high of $387.90. The firm has a market capitalization of $50.58 billion, a P/E ratio of 13.06, a PEG ratio of 2.19 and a beta of 1.00. The stock’s fifty day moving average is $362.32 and its two-hundred day moving average is $344.54. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period last year, the firm posted $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be given a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. 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.