Clark Capital Management Group Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 50.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 302,070 shares of the company’s stock after acquiring an additional 101,144 shares during the quarter. Cummins accounts for about 1.6% of Clark Capital Management Group Inc.’s investment portfolio, making the stock its 9th largest holding. Clark Capital Management Group Inc. owned 0.18% of Cummins worth $53,358,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. FDx Advisors Inc. acquired a new stake in shares of Cummins during the 3rd quarter valued at about $685,000. IFM Investors Pty Ltd acquired a new stake in shares of Cummins during the 3rd quarter valued at about $742,000. Valeo Financial Advisors LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at about $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 valued at $6,607,000 after buying an additional 17,100 shares during the last quarter. 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 valued at $26,474,000 after buying an additional 76,584 shares during the last quarter. Hedge funds and other institutional investors own 84.20% of the company’s stock.
Shares of Cummins Inc. (CMI) traded up $0.10 during midday trading on Wednesday, reaching $160.45. The company’s stock had a trading volume of 103,418 shares, compared to its average volume of 1,614,281. 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 $26,519.27, a P/E ratio of 26.95, a P/E/G ratio of 1.12 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 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 is currently 72.61%.
Several brokerages have recently issued reports on CMI. Citigroup lifted their price target on Cummins from $185.00 to $200.00 and gave the company a “neutral” rating in a report on Monday, February 5th. Robert W. Baird lifted their price target on Cummins from $157.00 to $159.00 and gave the company an “underperform” rating in a report on Wednesday, February 7th. Oppenheimer began coverage on Cummins in a report on Thursday, December 7th. They issued an “outperform” rating and a $192.00 target price for the company. Deutsche Bank set a $169.00 target price on Cummins and gave the stock a “sell” rating in a report on Monday, February 5th. Finally, William Blair restated a “hold” rating on shares of Cummins in a report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target 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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