Raymond James Financial Inc. Makes New $187.08 Million Investment in Cummins Inc. (NYSE:CMI)

Raymond James Financial Inc. purchased a new position in Cummins Inc. (NYSE:CMI) in the fourth quarter, HoldingsChannel reports. The firm purchased 536,668 shares of the company’s stock, valued at approximately $187,082,000.

Other hedge funds have also modified their holdings of the company. Global Trust Asset Management LLC boosted its position 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 worth $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department bought a new position in shares of Cummins in the fourth quarter worth approximately $26,000. Compass Financial Services Inc bought a new position in shares of Cummins in the fourth quarter worth approximately $27,000. SBI Securities Co. Ltd. bought a new position in shares of Cummins in the fourth quarter worth approximately $30,000. Finally, Prospera Private Wealth LLC bought a new position in shares of Cummins in the third quarter worth approximately $32,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CMI shares. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the stock 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 stock a “neutral” rating in a research report on Wednesday, February 5th. Citigroup dropped their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company 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 stock a “buy” rating in a research report on Friday, December 6th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Price Performance

CMI stock opened at $341.97 on Friday. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The company has a fifty day simple moving average of $361.77 and a two-hundred day simple moving average of $345.91. The firm has a market capitalization of $47.01 billion, a P/E ratio of 12.14, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter last year, the business earned $4.14 earnings per share. Cummins’s quarterly revenue 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 Dividend Announcement

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

About Cummins

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.