Mainstream Capital Management LLC Takes $38,000 Position in Cummins Inc. (NYSE:CMI)

Mainstream Capital Management LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 108 shares of the company’s stock, valued at approximately $38,000.

Other hedge funds also recently modified their holdings of the company. Mariner Investment Group LLC purchased a new stake in shares of Cummins in the fourth quarter valued at $1,046,000. Alpha DNA Investment Management LLC purchased a new stake in shares of Cummins during the third quarter worth $748,000. Franklin Resources Inc. raised its holdings in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after acquiring an additional 68,627 shares in the last quarter. Finally, Hancock Whitney Corp raised its holdings in shares of Cummins by 545.1% during the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after acquiring an additional 32,642 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 3.4 %

Shares of NYSE:CMI opened at $355.81 on Tuesday. The company has a market cap of $48.92 billion, a P/E ratio of 12.63, a P/E/G ratio of 2.19 and a beta of 1.00. The stock’s 50-day moving average is $362.41 and its 200-day moving average is $345.30. Cummins Inc. has a 52-week low of $260.88 and a 52-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.

Cummins (NYSE:CMI) last issued its quarterly earnings results 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 for 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 firm’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business posted $4.14 earnings per share. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is presently 25.84%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. The Goldman Sachs Group increased their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Citigroup cut their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. 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 report on Wednesday, February 19th. Finally, Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Hold” and an average price target of $386.67.

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.