Wharton Business Group LLC Has $19.70 Million Holdings in Cummins Inc. (NYSE:CMI)

Wharton Business Group LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,506 shares of the company’s stock after selling 2,335 shares during the quarter. Cummins makes up about 0.9% of Wharton Business Group LLC’s investment portfolio, making the stock its 28th biggest holding. Wharton Business Group LLC’s holdings in Cummins were worth $19,698,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in shares of Cummins by 164.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 13,974 shares of the company’s stock worth $4,525,000 after purchasing an additional 8,685 shares during the last quarter. Ballentine Partners LLC increased its holdings in Cummins by 19.6% during the third quarter. Ballentine Partners LLC now owns 2,379 shares of the company’s stock worth $770,000 after buying an additional 390 shares during the last quarter. Allworth Financial LP raised its position in Cummins by 11.4% during the third quarter. Allworth Financial LP now owns 2,756 shares of the company’s stock worth $892,000 after acquiring an additional 282 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Cummins by 7.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,701 shares of the company’s stock valued at $3,819,000 after acquiring an additional 851 shares during the last quarter. Finally, PFG Investments LLC grew its position in shares of Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE:CMI opened at $366.79 on Monday. The company’s 50 day simple moving average is $361.51 and its 200 day simple moving average is $342.40. 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 Inc. has a 1 year low of $259.06 and a 1 year high of $387.90. The stock has a market capitalization of $50.43 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.14 EPS. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. Cummins’s dividend payout ratio is currently 25.84%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CMI. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Evercore ISI upped their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Citigroup lowered their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Finally, Robert W. Baird increased their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report 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 has a consensus rating of “Hold” and an average target price of $386.67.

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.