LPL Financial LLC Purchases 17,662 Shares of Cummins Inc. (NYSE:CMI)

LPL Financial LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 334,662 shares of the company’s stock after acquiring an additional 17,662 shares during the period. LPL Financial LLC’s holdings in Cummins were worth $116,663,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CMI. Global Trust Asset Management LLC lifted its stake in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. KG&L Capital Management LLC lifted its position in shares of Cummins by 0.8% during the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after buying an additional 28 shares during the last quarter. Signaturefd LLC boosted its stake in Cummins by 0.9% in the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock valued at $1,155,000 after buying an additional 28 shares in the last quarter. Massachusetts Wealth Management grew its position in Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after acquiring an additional 30 shares during the last quarter. Finally, Avestar Capital LLC raised its stake in Cummins by 3.2% during the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after acquiring an additional 31 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Trading Up 2.8 %

NYSE:CMI opened at $331.02 on Tuesday. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The firm’s fifty day moving average is $355.39 and its 200-day moving average is $347.98. The firm has a market cap of $45.51 billion, a P/E ratio of 11.75, a P/E/G ratio of 2.19 and a beta of 1.01. 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 issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during 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 business’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business posted $4.14 EPS. Equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CMI shares. JPMorgan Chase & Co. decreased their price target on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. UBS Group lowered their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Barclays lifted their price target 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 investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $389.50.

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.