First Allied Advisory Services Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 13.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,279 shares of the company’s stock after purchasing an additional 958 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Cummins were worth $1,461,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Boston Partners grew its position in Cummins by 33.1% during the 4th quarter. Boston Partners now owns 3,296,825 shares of the company’s stock worth $582,351,000 after acquiring an additional 819,719 shares during the last quarter. APG Asset Management N.V. lifted its stake in shares of Cummins by 5.4% in the 4th quarter. APG Asset Management N.V. now owns 2,065,872 shares of the company’s stock valued at $303,894,000 after purchasing an additional 105,100 shares during the period. First Eagle Investment Management LLC raised its stake in Cummins by 2.0% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,997,863 shares of the company’s stock worth $335,701,000 after buying an additional 39,674 shares during the period. Ameriprise Financial Inc. raised its stake in Cummins by 0.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,980,849 shares of the company’s stock worth $332,843,000 after buying an additional 11,714 shares during the period. Finally, Investec Asset Management LTD increased its holdings in Cummins by 14.7% during the 3rd quarter. Investec Asset Management LTD now owns 1,939,429 shares of the company’s stock worth $325,882,000 after purchasing an additional 249,170 shares in the last quarter. Hedge funds and other institutional investors own 84.20% of the company’s stock.
Shares of Cummins Inc. (CMI) traded down $0.81 during trading hours on Wednesday, reaching $159.61. 1,190,000 shares of the company traded hands, compared to its average volume of 1,900,000. The company has a market cap of $26,440.00, a P/E ratio of 14.97, a price-to-earnings-growth ratio of 1.12 and a beta of 1.19. Cummins Inc. has a one year low of $143.83 and a one year high of $194.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.01.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.71%. Cummins’s dividend payout ratio is presently 40.53%.
Several research firms have recently issued reports on CMI. Oppenheimer upped their target price on Cummins to $207.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Wells Fargo & Co reissued a “buy” rating and set a $195.00 price objective (down from $210.00) on shares of Cummins in a report on Thursday, February 22nd. Deutsche Bank set a $169.00 target price on Cummins and gave the stock a “sell” rating in a research report on Monday, February 5th. Credit Suisse Group dropped their target price on Cummins from $208.00 to $205.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 7th. Finally, Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $193.00 price objective on the stock in a research report on Friday, February 9th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $187.61.
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Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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