Fisher Asset Management LLC Boosts Holdings in Cummins Inc. (NYSE:CMI)

Fisher Asset Management LLC boosted its position in Cummins Inc. (NYSE:CMI) by 2.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 3,072,457 shares of the company’s stock after purchasing an additional 66,887 shares during the quarter. Fisher Asset Management LLC’s holdings in Cummins were worth $1,071,059,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Proficio Capital Partners LLC purchased a new stake in shares of Cummins during the 4th quarter valued at $71,279,000. State Street Corp raised its position 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 buying an additional 126,703 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after buying an additional 120,579 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after buying an additional 99,464 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in shares of Cummins by 4,161.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 81,818 shares of the company’s stock valued at $26,492,000 after buying an additional 79,898 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI stock opened at $367.90 on Friday. The firm’s 50-day moving average price is $362.32 and its two-hundred day moving average price is $344.17. Cummins Inc. has a 12-month low of $260.88 and a 12-month high of $387.90. The stock has a market capitalization of $50.58 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 2.19 and a beta of 1.00. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the company earned $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CMI. Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Robert W. Baird lifted their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group lifted their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group lifted their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $386.67.

Cummins 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.