53,708 Shares in Cummins Inc. (NYSE:CMI) Bought by Distillate Capital Partners LLC

Distillate Capital Partners LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 53,708 shares of the company’s stock, valued at approximately $18,723,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Centiva Capital LP bought a new stake in shares of Cummins in the third quarter valued at about $205,000. Wellington Management Group LLP lifted its position in shares of Cummins by 51.7% in the 3rd quarter. Wellington Management Group LLP now owns 4,289 shares of the company’s stock worth $1,389,000 after acquiring an additional 1,462 shares during the period. MML Investors Services LLC grew its holdings in shares of Cummins by 4.9% during the 3rd quarter. MML Investors Services LLC now owns 16,154 shares of the company’s stock worth $5,231,000 after purchasing an additional 758 shares in the last quarter. Coldstream Capital Management Inc. grew its holdings in shares of Cummins by 18.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 2,551 shares of the company’s stock worth $843,000 after purchasing an additional 391 shares in the last quarter. Finally, Soltis Investment Advisors LLC bought a new stake in shares of Cummins during the third quarter valued at approximately $201,000. 83.46% of the stock is owned by institutional investors.

Cummins Trading Up 1.5 %

Shares of NYSE CMI opened at $286.00 on Friday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company has a 50-day moving average of $335.61 and a two-hundred day moving average of $346.83. The company has a market cap of $39.40 billion, a PE ratio of 10.15, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.14 EPS. As a group, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.55%. Cummins’s dividend payout ratio is currently 25.84%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CMI. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird upped their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Evercore ISI upped their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. dropped their target price on Cummins from $375.00 to $308.00 and set a “neutral” rating for the company in a report on Friday. Finally, Barclays boosted 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Cummins currently has an average rating of “Hold” and an average price target of $354.17.

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.