131 Shares in Cummins Inc. (NYSE:CMI) Purchased by OFI Invest Asset Management

OFI Invest Asset Management acquired a new position in Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent filing with the SEC. The fund acquired 131 shares of the company’s stock, valued at approximately $44,000.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Summit Global Investments purchased a new position in Cummins in the 3rd quarter valued at about $206,000. Leavell Investment Management Inc. purchased a new position in Cummins in the 3rd quarter valued at about $222,000. Equitable Trust Co. lifted its holdings in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after purchasing an additional 32 shares in the last quarter. Assetmark Inc. lifted its holdings in Cummins by 3.1% in the 3rd quarter. Assetmark Inc. now owns 17,937 shares of the company’s stock valued at $5,808,000 after purchasing an additional 533 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in Cummins by 112.6% in the 3rd quarter. Covestor Ltd now owns 423 shares of the company’s stock valued at $137,000 after purchasing an additional 224 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 2.4 %

CMI opened at $333.82 on Tuesday. The firm has a 50 day moving average price of $361.48 and a 200 day moving average price of $346.72. The company has a market cap of $45.89 billion, a PE ratio of 11.85, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1 year low of $260.88 and a 1 year 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 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. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.14 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current 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 given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of recent research reports. 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 report on Wednesday, February 5th. Bank of America upgraded shares of 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. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Citigroup dropped their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price 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.