Covington Capital Management grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 9.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 51,519 shares of the company’s stock after purchasing an additional 4,576 shares during the period. Covington Capital Management’s holdings in Cummins were worth $9,100,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. FDx Advisors Inc. bought a new stake in shares of Cummins during the 3rd quarter worth approximately $685,000. IFM Investors Pty Ltd bought a new stake in shares of Cummins during the 3rd quarter worth approximately $742,000. Valeo Financial Advisors LLC bought a new stake in shares of Cummins during the 3rd quarter worth approximately $1,195,000. DnB Asset Management AS lifted its holdings in shares of Cummins by 84.2% during the 4th quarter. DnB Asset Management AS now owns 37,406 shares of the company’s stock worth $6,607,000 after acquiring an additional 17,100 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of Cummins by 104.5% during the 4th quarter. Victory Capital Management Inc. now owns 149,873 shares of the company’s stock worth $26,474,000 after acquiring an additional 76,584 shares during the period. Hedge funds and other institutional investors own 84.20% of the company’s stock.
Shares of Cummins Inc. (CMI) traded up $0.10 during trading hours on Wednesday, reaching $160.45. 76,006 shares of the company traded hands, compared to its average volume of 1,614,207. The company has a market cap of $26,519.27, a P/E ratio of 26.95, a price-to-earnings-growth ratio of 1.12 and a beta of 1.19. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.01 and a current ratio of 1.57. Cummins Inc. has a fifty-two week low of $143.83 and a fifty-two week high of $194.18.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 8th. Shareholders of record on Friday, February 23rd were given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is currently 72.61%.
A number of analysts have recently weighed in on CMI shares. Bank of America raised shares of Cummins from a “neutral” rating to a “buy” rating and set a $215.00 price target for the company in a report on Friday, January 19th. Morgan Stanley started coverage on shares of Cummins in a report on Friday, March 2nd. They set an “equal weight” rating and a $173.00 price target for the company. Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a report on Tuesday, January 16th. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Saturday, November 25th. Two investment 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. Cummins has an average 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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