Cannell & Spears LLC Cuts Position in Cummins Inc. (NYSE:CMI)

Cannell & Spears LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 0.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 5,899 shares of the company’s stock after selling 50 shares during the period. Cannell & Spears LLC’s holdings in Cummins were worth $2,056,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Cummins in the 4th quarter worth approximately $499,490,000. Raymond James Financial Inc. acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $187,082,000. Vanguard Group Inc. increased its stake in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Cummins during the 4th quarter worth approximately $71,279,000. Finally, Amundi lifted its stake in Cummins by 32.3% in the 4th quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after buying an additional 188,254 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CMI shares. Evercore ISI raised their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Jefferies Financial Group lifted their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Barclays upped their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Finally, UBS Group reduced their price objective 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. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $383.67.

Cummins Stock Performance

NYSE:CMI opened at $313.11 on Tuesday. The company has a market cap of $43.05 billion, a P/E ratio of 11.11, a P/E/G ratio of 2.19 and a beta of 1.01. The firm’s 50 day moving average is $351.11 and its two-hundred day moving average is $348.91. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

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

Cummins Dividend Announcement

The company 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. This represents a $7.28 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is currently 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.