Noesis Capital Mangement Corp Acquires 125 Shares of Cummins Inc. (NYSE:CMI)

Noesis Capital Mangement Corp increased its holdings in Cummins Inc. (NYSE:CMI) by 0.3% during the 4th quarter, Holdings Channel reports. The firm owned 35,948 shares of the company’s stock after buying an additional 125 shares during the period. Cummins makes up approximately 2.4% of Noesis Capital Mangement Corp’s investment portfolio, making the stock its 17th biggest position. Noesis Capital Mangement Corp’s holdings in Cummins were worth $12,531,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. State Street Corp grew its stake in shares of Cummins by 2.1% in 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 during the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares during the period. FMR LLC lifted its holdings in Cummins by 0.8% in the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after buying an additional 9,245 shares during the period. Bank of New York Mellon Corp lifted its holdings in Cummins by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after buying an additional 120,579 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Cummins by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after buying an additional 6,608 shares during the period. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Jefferies Financial Group raised their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Barclays raised their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Finally, Citigroup lowered their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Price Performance

Shares of NYSE CMI opened at $367.90 on Friday. Cummins Inc. has a twelve month low of $260.88 and a twelve month high of $387.90. The firm has a market cap of $50.58 billion, a P/E ratio of 13.06, a PEG ratio of 2.19 and a beta of 1.00. The company has a 50 day moving average of $362.32 and a 200 day moving average of $344.17. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the business earned $4.14 EPS. The firm’s revenue for the quarter 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 fiscal year.

Cummins Announces Dividend

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 issued a $1.82 dividend. 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 payout ratio is currently 25.84%.

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.