Crowley Wealth Management Inc. Takes Position in Cummins Inc. (NYSE:CMI)

Crowley Wealth Management Inc. bought a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,990 shares of the company’s stock, valued at approximately $1,042,000. Cummins makes up about 0.9% of Crowley Wealth Management Inc.’s investment portfolio, making the stock its 25th biggest position.

A number of other hedge funds also recently made changes to their positions in CMI. Vanguard Group Inc. raised its position in Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after purchasing an additional 250,650 shares during the last quarter. Stevens Capital Management LP increased its position in Cummins by 57.7% during the 4th quarter. Stevens Capital Management LP now owns 2,198 shares of the company’s stock valued at $766,000 after buying an additional 804 shares in the last quarter. LPL Financial LLC raised its position in shares of Cummins by 5.6% in the 4th quarter. LPL Financial LLC now owns 334,662 shares of the company’s stock worth $116,663,000 after purchasing an additional 17,662 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Cummins in the fourth quarter worth approximately $40,717,000. Finally, Knights of Columbus Asset Advisors LLC boosted its stake in Cummins by 1.1% during the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 35,092 shares of the company’s stock valued at $12,233,000 after purchasing an additional 391 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CMI has been the subject of several research analyst reports. JPMorgan Chase & Co. cut their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. UBS Group decreased their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $389.50.

Cummins Stock Performance

NYSE:CMI opened at $321.78 on Friday. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week 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 has a 50 day moving average price of $355.99 and a 200 day moving average price of $347.41. The stock has a market capitalization of $44.24 billion, a P/E ratio of 11.42, a PEG ratio of 2.19 and a beta of 1.01.

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, topping analysts’ consensus estimates 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 period in the previous year, the business earned $4.14 EPS. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. 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.