Hoey Investments Inc. Buys 1,304 Shares of Cummins Inc. (NYSE:CMI)

Hoey Investments Inc. increased its stake in shares of Cummins Inc. (NYSE:CMI) by 1,034.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,430 shares of the company’s stock after acquiring an additional 1,304 shares during the quarter. Hoey Investments Inc.’s holdings in Cummins were worth $498,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of CMI. Mariner Investment Group LLC purchased a new position in shares of Cummins during the fourth quarter valued at about $1,046,000. Franklin Resources Inc. grew its holdings in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after buying an additional 99,464 shares in the last quarter. Axxcess Wealth Management LLC increased its stake in Cummins by 133.4% in the 4th quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock worth $2,021,000 after acquiring an additional 3,314 shares during the last quarter. Concurrent Investment Advisors LLC raised its holdings in shares of Cummins by 296.0% during the 4th quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock worth $4,128,000 after acquiring an additional 8,851 shares in the last quarter. Finally, Capital Investment Advisors LLC grew its holdings in shares of Cummins by 2.0% in the fourth quarter. Capital Investment Advisors LLC now owns 110,386 shares of the company’s stock valued at $38,481,000 after purchasing an additional 2,211 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CMI. Robert W. Baird upped their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup reduced their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. JPMorgan Chase & Co. lowered their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday, March 18th. Finally, Evercore ISI increased their price target on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $389.50.

Cummins Stock Down 3.1 %

Shares of CMI opened at $313.45 on Monday. The firm has a fifty day moving average price of $352.17 and a 200-day moving average price of $348.80. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $43.09 billion, a P/E ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 12-month low of $261.51 and a 12-month high of $387.90.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.32%. Cummins’s payout ratio is currently 25.84%.

About Cummins

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.