Cibc World Markets Corp Increases Position in Cummins Inc. (NYSE:CMI)

Cibc World Markets Corp increased its holdings in Cummins Inc. (NYSE:CMI) by 16.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 21,661 shares of the company’s stock after purchasing an additional 3,055 shares during the quarter. Cibc World Markets Corp’s holdings in Cummins were worth $7,551,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC lifted its position in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new position in Cummins during the fourth quarter worth $26,000. Compass Financial Services Inc purchased a new position in Cummins during the fourth quarter valued at $27,000. SBI Securities Co. Ltd. acquired a new stake in shares of Cummins in the fourth quarter valued at about $30,000. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the third quarter worth about $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $322.19 on Wednesday. The firm has a 50 day simple moving average of $358.00 and a 200-day simple moving average of $347.35. The stock has a market cap of $44.30 billion, a price-to-earnings ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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 company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the business posted $4.14 earnings per share. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.26%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. 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 research note on Tuesday. Barclays lifted their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Citigroup reduced their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Jefferies Financial Group lifted their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, UBS Group decreased their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday. 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, Cummins presently has an average rating of “Hold” and an average price target of $389.50.

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.