First Business Financial Services Inc. Has $301,000 Holdings in Cummins Inc. (NYSE:CMI)

First Business Financial Services Inc. cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 864 shares of the company’s stock after selling 40 shares during the quarter. First Business Financial Services Inc.’s holdings in Cummins were worth $301,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of CMI. Proficio Capital Partners LLC acquired a new position in shares of Cummins during the fourth quarter worth approximately $71,279,000. Fisher Asset Management LLC increased its position in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares during the period. State Street Corp increased its position in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the period. Bank of New York Mellon Corp increased its position in shares of Cummins by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after purchasing an additional 120,579 shares during the period. Finally, Franklin Resources Inc. increased its position in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of CMI stock opened at $347.00 on Thursday. The stock’s fifty day moving average is $362.15 and its 200-day moving average is $345.63. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market capitalization of $47.71 billion, a PE ratio of 12.32, a PEG ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping 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 company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the prior year, the business earned $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on CMI shares. Barclays boosted their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Citigroup lowered their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Robert W. Baird upped their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Company 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.