Harbour Investments Inc. Buys 39 Shares of Cummins Inc. (NYSE:CMI)

Harbour Investments Inc. grew its stake in Cummins Inc. (NYSE:CMI) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,723 shares of the company’s stock after buying an additional 39 shares during the period. Harbour Investments Inc.’s holdings in Cummins were worth $601,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Global Trust Asset Management LLC lifted its position in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department bought a new position in Cummins during the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins during the fourth quarter worth approximately $27,000. SBI Securities Co. Ltd. bought a new stake in shares of Cummins in the 4th quarter worth approximately $30,000. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at $32,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of analyst reports. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. UBS Group decreased their price target on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday. Jefferies Financial Group increased 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. Finally, JPMorgan Chase & Co. decreased their target price on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research note on Tuesday. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $389.50.

Cummins Trading Down 0.5 %

Shares of CMI opened at $325.38 on Friday. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average price is $356.66 and its 200-day moving average price is $347.05. The firm has a market capitalization of $44.73 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share 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 business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the previous year, the firm posted $4.14 EPS. The business’s revenue was down 1.1% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed 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 of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. Cummins’s dividend payout ratio (DPR) is 25.84%.

About Cummins

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.