HM Payson & Co. Has $21.69 Million Stock Position in Cummins Inc. (NYSE:CMI)

HM Payson & Co. increased its stake in shares of Cummins Inc. (NYSE:CMI) by 0.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,230 shares of the company’s stock after buying an additional 98 shares during the period. HM Payson & Co.’s holdings in Cummins were worth $21,693,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Raymond James Financial Inc. acquired a new position in Cummins during the 4th quarter worth about $187,082,000. Proficio Capital Partners LLC acquired a new position in Cummins during the 4th quarter valued at about $71,279,000. Fisher Asset Management LLC lifted its position in Cummins by 5.8% during the 3rd 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 lifted its position in 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 purchasing an additional 126,703 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in 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 purchasing an additional 120,579 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $341.97 on Friday. The business has a 50 day simple moving average of $361.77 and a 200 day simple moving average of $345.91. 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. The stock has a market cap of $47.01 billion, a price-to-earnings ratio of 12.14, a PEG ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. During the same period in the prior year, the business earned $4.14 EPS. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.13%. Cummins’s payout ratio is 25.84%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CMI shares. Citigroup cut their target price 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. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and upped their target price for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Robert W. Baird upped their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Finally, Barclays upped their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average 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.