Verus Capital Partners LLC Sells 75 Shares of Cummins Inc. (NYSE:CMI)

Verus Capital Partners LLC lowered its position in Cummins Inc. (NYSE:CMI) by 6.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,037 shares of the company’s stock after selling 75 shares during the period. Verus Capital Partners LLC’s holdings in Cummins were worth $361,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp raised its position in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Fisher Asset Management LLC increased its position in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares in the last quarter. FMR LLC increased its position in Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after buying an additional 9,245 shares in the last quarter. Bank of New York Mellon Corp increased its position in Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after buying an additional 120,579 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Cummins by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock valued at $280,634,000 after buying an additional 6,608 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CMI. Evercore ISI raised 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. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Citigroup reduced their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Eight investment 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 stock currently has a consensus rating of “Hold” and an average price target of $386.67.

Cummins Stock Performance

CMI stock opened at $367.90 on Friday. The company has a market cap of $50.58 billion, a P/E ratio of 13.06, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 1 year low of $260.88 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. The stock’s fifty day moving average price is $362.32 and its 200-day moving average price is $344.54.

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

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a $1.82 dividend. The ex-dividend date of this dividend 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 currently 25.84%.

Cummins Company 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.