CIBC Private Wealth Group LLC Purchases 36 Shares of Cummins Inc. (NYSE:CMI)

CIBC Private Wealth Group LLC grew its position in Cummins Inc. (NYSE:CMI) by 0.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,900 shares of the company’s stock after acquiring an additional 36 shares during the period. CIBC Private Wealth Group LLC’s holdings in Cummins were worth $13,994,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Global Trust Asset Management LLC grew its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the period. KG&L Capital Management LLC lifted its position in shares of Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after buying an additional 28 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after acquiring an additional 28 shares during the period. Massachusetts Wealth Management increased its holdings in shares of Cummins by 0.6% during the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after acquiring an additional 30 shares during the last quarter. Finally, Avestar Capital LLC raised its stake in Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after acquiring an additional 31 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 0.3 %

CMI stock opened at $313.11 on Tuesday. The company has a market cap of $43.05 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. 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 Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The business has a 50-day simple moving average of $351.11 and a 200 day simple moving average of $348.91.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate 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 quarter in the prior year, the firm posted $4.14 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared 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 of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.33%. Cummins’s payout ratio is 25.84%.

Analyst Ratings Changes

A number of research firms have commented on CMI. Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. 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. Citigroup cut their price objective on shares of Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a research report on Monday. JPMorgan Chase & Co. decreased their target price on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 18th. Finally, Evercore ISI lifted their price target on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus target price of $383.67.

Cummins Company 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.