Cummins Inc. (NYSE:CMI) Shares Sold by Cannon Advisors Inc.

Cannon Advisors Inc. decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,950 shares of the company’s stock after selling 350 shares during the quarter. Cummins comprises about 3.2% of Cannon Advisors Inc.’s investment portfolio, making the stock its 9th biggest position. Cannon Advisors Inc.’s holdings in Cummins were worth $3,817,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after buying an additional 250,650 shares during the period. State Street Corp boosted its position in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. Geode Capital Management LLC grew its holdings in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after purchasing an additional 84,112 shares during the period. Fisher Asset Management LLC increased its position in Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after purchasing an additional 66,887 shares during the last quarter. Finally, Norges Bank purchased a new position in Cummins during the fourth quarter worth approximately $499,490,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CMI. JPMorgan Chase & Co. dropped their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Barclays lifted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Citigroup dropped 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. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $383.67.

Cummins Trading Down 0.3 %

Cummins stock opened at $313.11 on Tuesday. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The firm’s 50-day moving average is $351.11 and its 200-day moving average is $348.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a market cap of $43.05 billion, a P/E ratio of 11.11, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company posted $4.14 earnings per share. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is 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.