Intech Investment Management LLC Makes New $980,000 Investment in Cummins Inc. (NYSE:CMI)

Intech Investment Management LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,810 shares of the company’s stock, valued at approximately $980,000.

Other large investors have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Cummins in the fourth quarter worth $187,082,000. Proficio Capital Partners LLC acquired a new stake in Cummins in the fourth quarter valued at about $71,279,000. Amundi boosted its stake in Cummins by 32.3% in the fourth 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. Fisher Asset Management LLC boosted its stake in Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares in the last quarter. Finally, State Street Corp boosted its stake in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. JPMorgan Chase & Co. reduced their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 18th. UBS Group reduced their price objective on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Finally, Citigroup cut their price target on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $389.50.

Cummins Price Performance

Cummins stock opened at $321.78 on Friday. The stock’s 50 day moving average is $355.99 and its 200 day moving average is $347.41. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The firm has a market cap of $44.24 billion, a P/E ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping 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 firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $4.14 earnings per share. As a group, research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders 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 dividend on an annualized basis and a yield of 2.26%. Cummins’s 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.