Versor Investments LP Sells 100 Shares of Cummins Inc. (NYSE:CMI)

Versor Investments LP lessened its holdings in Cummins Inc. (NYSE:CMI) by 4.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,200 shares of the company’s stock after selling 100 shares during the period. Versor Investments LP’s holdings in Cummins were worth $767,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp grew its holdings in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares during the last quarter. FMR LLC grew its holdings in shares of Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Cummins by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after purchasing an additional 120,579 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Cummins by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after purchasing an additional 6,608 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of CMI opened at $367.90 on Friday. Cummins Inc. has a 52-week low of $260.88 and a 52-week high of $387.90. 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 business’s 50 day moving average price is $362.32 and its two-hundred day moving average price is $344.17. The firm has a market cap of $50.58 billion, a PE ratio of 13.06, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

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

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s payout ratio is 25.84%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CMI. Evercore ISI boosted 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. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $386.67.

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.