Allstate Corp Invests $1.44 Million in Cummins Inc. (NYSE:CMI)

Allstate Corp acquired a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, Holdings Channel reports. The firm acquired 4,116 shares of the company’s stock, valued at approximately $1,435,000.

Other institutional investors have also added to or reduced their stakes in the company. Global Trust Asset Management LLC raised its position in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department purchased a new position in Cummins in the 4th quarter valued at approximately $26,000. Compass Financial Services Inc bought a new stake in Cummins during the 4th quarter valued at $27,000. TCTC Holdings LLC purchased a new stake in shares of Cummins during the fourth quarter worth $28,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Cummins in the fourth quarter worth $30,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent research reports. Citigroup dropped their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Evercore ISI increased their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $389.50.

Cummins Trading Down 3.1 %

NYSE CMI opened at $313.45 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock’s 50-day simple moving average is $352.17 and its two-hundred day simple moving average is $348.80. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. The company has a market capitalization of $43.09 billion, a price-to-earnings ratio of 11.13, a PEG ratio of 2.19 and a beta of 1.01.

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

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.32%. Cummins’s dividend payout ratio (DPR) is 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.