Cornercap Investment Counsel Inc. Trims Stock Position in Cummins Inc. (NYSE:CMI)

Cornercap Investment Counsel Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 3.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,388 shares of the company’s stock after selling 78 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Cummins were worth $832,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC raised its position in Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after buying an additional 9,245 shares during the last quarter. Townsquare Capital LLC raised its holdings in Cummins by 7.3% during the third quarter. Townsquare Capital LLC now owns 3,287 shares of the company’s stock worth $1,064,000 after purchasing an additional 223 shares in the last quarter. CreativeOne Wealth LLC acquired a new stake in Cummins in the third quarter valued at about $295,000. Fiduciary Trust Co boosted its holdings in Cummins by 26.3% in the 3rd quarter. Fiduciary Trust Co now owns 2,428 shares of the company’s stock valued at $786,000 after purchasing an additional 505 shares in the last quarter. Finally, Financial Counselors Inc. raised its stake in shares of Cummins by 230.4% during the 3rd quarter. Financial Counselors Inc. now owns 3,393 shares of the company’s stock worth $1,099,000 after buying an additional 2,366 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $313.45 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The firm has a market cap of $43.09 billion, a PE ratio of 11.13, a P/E/G ratio of 2.19 and a beta of 1.01. The firm has a 50 day simple moving average of $352.17 and a 200-day simple moving average of $348.05. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the previous year, the firm posted $4.14 EPS. Cummins’s revenue was down 1.1% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Wall Street Analyst Weigh In

Several brokerages recently commented on CMI. UBS Group reduced their price objective on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. JPMorgan Chase & Co. lowered their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Jefferies Financial Group lifted 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. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $389.50.

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.