CIBC Asset Management Inc Grows Holdings in Cummins Inc. (NYSE:CMI)

CIBC Asset Management Inc grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,922 shares of the company’s stock after buying an additional 582 shares during the quarter. CIBC Asset Management Inc’s holdings in Cummins were worth $8,339,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Global Trust Asset Management LLC lifted its stake 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 last quarter. Compass Financial Services Inc bought a new position in Cummins during the fourth quarter worth $27,000. Prospera Private Wealth LLC bought a new position in Cummins during the third quarter worth $32,000. Friedenthal Financial bought a new position in Cummins during the fourth quarter worth $55,000. Finally, Ashton Thomas Securities LLC bought a new position in Cummins during the third quarter worth $55,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMI. Robert W. Baird raised their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” 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 on the stock in a research note on Tuesday, January 14th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Barclays raised their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $383.08.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. The trade was a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of CMI opened at $379.21 on Wednesday. The firm has a market capitalization of $52.02 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31. Cummins Inc. has a one year low of $259.06 and a one year high of $387.90. The stock’s fifty day moving average is $360.89 and its 200-day moving average is $339.87.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the company earned $4.14 earnings per share. Equities analysts anticipate that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

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.