Smith Moore & CO. Sells 68 Shares of Cummins Inc. (NYSE:CMI)

Smith Moore & CO. lowered its stake in Cummins Inc. (NYSE:CMI) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,163 shares of the company’s stock after selling 68 shares during the period. Smith Moore & CO.’s holdings in Cummins were worth $754,000 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 the stock. Vanguard Group Inc. increased its holdings in 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 during the period. State Street Corp increased its stake in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. Geode Capital Management LLC raised its position in Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after purchasing an additional 84,112 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after purchasing an additional 66,887 shares during the last quarter. Finally, Norges Bank acquired a new stake 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.

Analyst Ratings Changes

CMI has been the subject of several recent analyst reports. JPMorgan Chase & Co. dropped their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday, March 18th. Citigroup dropped their target price on shares of Cummins from $430.00 to $360.00 and set a “buy” rating for the company in a report on Monday, March 31st. Evercore ISI lifted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Jefferies Financial Group increased their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, UBS Group decreased their target price 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. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $383.67.

Cummins Stock Down 5.9 %

Cummins stock opened at $277.82 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market cap of $38.19 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The firm’s 50-day simple moving average is $345.89 and its 200 day simple moving average is $348.27.

Cummins (NYSE:CMI) last released its 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. Cummins had a return on equity of 27.12% and a net margin of 11.57%. 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 prior year, the company posted $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.62%. Cummins’s payout ratio is currently 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.