Provident Investment Management Inc. Sells 80 Shares of Cummins Inc. (NYSE:CMI)

Provident Investment Management Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 8.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 823 shares of the company’s stock after selling 80 shares during the period. Provident Investment Management Inc.’s holdings in Cummins were worth $287,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. Vanguard Group Inc. raised its position in shares of Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after buying an additional 250,650 shares in the last quarter. State Street Corp raised its position in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares in the last quarter. Geode Capital Management LLC lifted its stake in Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after purchasing an additional 84,112 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Cummins in the 4th quarter valued at $499,490,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CMI shares. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. UBS Group reduced their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Robert W. Baird upped their price objective 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. JPMorgan Chase & Co. decreased their target price on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 18th. Finally, Barclays increased their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $383.67.

Cummins Price Performance

Cummins stock opened at $295.96 on Friday. The stock’s 50 day moving average is $347.69 and its 200 day moving average is $348.43. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. The firm has a market cap of $40.69 billion, a P/E ratio of 10.51, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the firm posted $4.14 EPS. The company’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is 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.