Cookson Peirce & Co. Inc. Has $39.26 Million Position in Cummins Inc. (NYSE:CMI)

Cookson Peirce & Co. Inc. raised its holdings in Cummins Inc. (NYSE:CMI) by 23.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 112,611 shares of the company’s stock after acquiring an additional 21,223 shares during the quarter. Cummins comprises approximately 1.8% of Cookson Peirce & Co. Inc.’s holdings, making the stock its 18th largest position. Cookson Peirce & Co. Inc.’s holdings in Cummins were worth $39,256,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CMI. State Street Corp raised its holdings in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares in the last quarter. 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 buying an additional 66,887 shares during the last quarter. FMR LLC raised its holdings in Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after buying an additional 9,245 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Cummins by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after buying an additional 120,579 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Cummins by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock worth $308,303,000 after acquiring an additional 17,687 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Citigroup cut 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. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Finally, Evercore ISI boosted their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $386.67.

Cummins Stock Down 2.4 %

NYSE CMI opened at $347.35 on Wednesday. Cummins Inc. has a twelve month low of $260.88 and a twelve month high of $387.90. The stock has a market cap of $47.75 billion, a PE ratio of 12.33, a PEG ratio of 2.19 and a beta of 1.00. The firm has a 50-day simple moving average of $362.28 and a 200 day simple moving average of $345.62. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last announced 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. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter last year, the company earned $4.14 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.10%. Cummins’s dividend 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.