Atria Investments Inc Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Atria Investments Inc cut its holdings in Cummins Inc. (NYSE:CMI) by 10.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,927 shares of the company’s stock after selling 1,460 shares during the quarter. Atria Investments Inc’s holdings in Cummins were worth $4,506,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp increased its position in shares of Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. FMR LLC increased its position in shares of Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Cummins by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after purchasing an additional 120,579 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Cummins by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 884,402 shares of the company’s stock worth $308,303,000 after purchasing an additional 17,687 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI opened at $341.97 on Friday. The stock’s 50-day moving average price is $361.77 and its 200 day moving average price is $345.91. Cummins Inc. has a 12-month low of $260.88 and a 12-month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm 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 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 firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the company earned $4.14 EPS. Cummins’s revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company 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. This represents a $7.28 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

Several brokerages have issued reports on CMI. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. JPMorgan Chase & Co. upgraded 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 report on Monday, December 9th. Bank of America upgraded 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, Robert W. Baird upped their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $386.67.

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.