Ritter Daniher Financial Advisory LLC DE Purchases 95 Shares of Cummins Inc. (NYSE:CMI)

Ritter Daniher Financial Advisory LLC DE raised its position in Cummins Inc. (NYSE:CMI) by 316.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 125 shares of the company’s stock after acquiring an additional 95 shares during the quarter. Ritter Daniher Financial Advisory LLC DE’s holdings in Cummins were worth $44,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Mariner Investment Group LLC purchased a new position in Cummins during the 4th quarter valued at $1,046,000. National Bank of Canada FI boosted its stake in shares of Cummins by 4.2% during the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after purchasing an additional 3,298 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after buying an additional 99,464 shares during the period. Axxcess Wealth Management LLC raised its stake in Cummins by 133.4% in the fourth quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock worth $2,021,000 after buying an additional 3,314 shares in the last quarter. Finally, Concurrent Investment Advisors LLC lifted its holdings in Cummins by 296.0% in the fourth quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock worth $4,128,000 after buying an additional 8,851 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of NYSE:CMI opened at $277.82 on Monday. The firm’s 50 day simple moving average is $345.89 and its two-hundred day simple moving average is $348.94. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market capitalization of $38.19 billion, a P/E ratio of 9.86, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The company 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%. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.14 EPS. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal 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 annualized dividend and a dividend yield of 2.62%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Analysts Set New Price Targets

A number of research analysts have weighed in on CMI shares. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup decreased their price objective on Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a report on Monday, March 31st. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $383.67.

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.