Cornerstone Capital Management Holdings LLC. boosted its position in Cummins Inc. (NYSE:CMI) by 9.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 289,796 shares of the company’s stock after buying an additional 26,092 shares during the period. Cornerstone Capital Management Holdings LLC. owned approximately 0.17% of Cummins worth $51,188,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. FDx Advisors Inc. acquired a new position in Cummins in the third quarter valued at $685,000. IFM Investors Pty Ltd acquired a new position in Cummins in the third quarter valued at $742,000. Valeo Financial Advisors LLC acquired a new position in Cummins in the third quarter valued at $1,195,000. DnB Asset Management AS lifted its holdings in Cummins by 84.2% in the fourth quarter. DnB Asset Management AS now owns 37,406 shares of the company’s stock valued at $6,607,000 after buying an additional 17,100 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Cummins by 104.5% in the fourth quarter. Victory Capital Management Inc. now owns 149,873 shares of the company’s stock valued at $26,474,000 after buying an additional 76,584 shares during the period. Institutional investors and hedge funds own 84.20% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) opened at $160.06 on Tuesday. The company has a current ratio of 1.57, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19. The company has a market cap of $26,901.99, a PE ratio of 15.27, a PEG ratio of 1.13 and a beta of 1.19. Cummins Inc. has a 52-week low of $143.83 and a 52-week high of $194.18.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.70%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is presently 72.61%.
Several equities analysts recently issued reports on CMI shares. Bank of America upgraded shares of Cummins from a “neutral” rating to a “buy” rating and set a $215.00 target price on the stock in a report on Friday, January 19th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $193.00 price objective on the stock in a report on Friday, February 9th. Wells Fargo & Co reiterated a “buy” rating and set a $195.00 price objective (down previously from $210.00) on shares of Cummins in a report on Thursday, February 22nd. Finally, TheStreet lowered shares of Cummins from a “b” rating to a “c+” rating in a report on Tuesday, February 6th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $187.61.
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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