Proficio Capital Partners LLC Takes Position in Cummins Inc. (NYSE:CMI)

Proficio Capital Partners LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 204,472 shares of the company’s stock, valued at approximately $71,279,000.

Other hedge funds also recently modified their holdings of the company. Global Trust Asset Management LLC lifted its holdings in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new stake in shares of Cummins during the fourth quarter worth $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the fourth quarter worth $27,000. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the third quarter worth $32,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Cummins during the fourth quarter worth $43,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMI. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Jefferies Financial Group increased their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. The Goldman Sachs Group increased their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, Barclays raised their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and an average price target of $386.67.

Cummins Trading Down 0.6 %

Shares of NYSE:CMI opened at $364.35 on Friday. The company has a market cap of $50.09 billion, a P/E ratio of 12.93, a P/E/G ratio of 2.19 and a beta of 1.00. The stock’s 50-day moving average is $361.99 and its 200-day moving average is $343.63. Cummins Inc. has a 52-week low of $260.88 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the business posted $4.14 earnings per share. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

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.