HBK Sorce Advisory LLC Acquires 715 Shares of Cummins Inc. (NYSE:CMI)

HBK Sorce Advisory LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 24.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,669 shares of the company’s stock after purchasing an additional 715 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Cummins were worth $1,279,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Global Trust Asset Management LLC grew its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new stake in shares of Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins during the 4th quarter worth $27,000. SBI Securities Co. Ltd. bought a new position in shares of Cummins in the fourth quarter worth $30,000. Finally, Prospera Private Wealth LLC acquired a new position in Cummins in the third quarter valued at about $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Jefferies Financial Group increased their price target 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. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Finally, Robert W. Baird lifted their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $386.67.

Cummins Price Performance

Cummins stock opened at $312.65 on Friday. The stock has a 50-day moving average price of $360.03 and a two-hundred day moving average price of $346.51. Cummins Inc. has a 12 month low of $260.88 and a 12 month high of $387.90. The company has a market capitalization of $42.98 billion, a PE ratio of 11.10, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $8.06 billion. During the same period last year, the company earned $4.14 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. Analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.33%. Cummins’s payout ratio is 25.84%.

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.