773 Shares in Cummins Inc. (NYSE:CMI) Purchased by FourThought Financial Partners LLC

FourThought Financial Partners LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 773 shares of the company’s stock, valued at approximately $269,000.

Other hedge funds have also made changes to their positions in the company. Assenagon Asset Management S.A. grew its holdings in shares of Cummins by 164.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 13,974 shares of the company’s stock worth $4,525,000 after purchasing an additional 8,685 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Cummins by 7.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,701 shares of the company’s stock valued at $3,819,000 after buying an additional 851 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Cummins by 7.7% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 17,355 shares of the company’s stock worth $5,619,000 after buying an additional 1,236 shares during the period. J.W. Cole Advisors Inc. boosted its stake in Cummins by 28.3% during the third quarter. J.W. Cole Advisors Inc. now owns 3,299 shares of the company’s stock worth $1,068,000 after buying an additional 727 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Cummins during the third quarter valued at about $212,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CMI shares. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Robert W. Baird raised their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Evercore ISI lifted their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Eight 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, the company has an average rating of “Hold” and an average price target of $386.67.

Cummins Stock Performance

Shares of CMI opened at $367.04 on Thursday. The stock has a 50-day simple moving average of $361.70 and a 200-day simple moving average of $343.49. 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 Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The stock has a market capitalization of $50.46 billion, a PE ratio of 13.03, a PEG ratio of 2.19 and a beta of 1.00.

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, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the firm earned $4.14 earnings per share. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.98%. Cummins’s 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.