CANADA LIFE ASSURANCE Co Raises Position in Cummins Inc. (NYSE:CMI)

CANADA LIFE ASSURANCE Co lifted its stake in Cummins Inc. (NYSE:CMI) by 14.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 134,701 shares of the company’s stock after purchasing an additional 16,815 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Cummins were worth $46,933,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Mariner Investment Group LLC bought a new stake in Cummins during the fourth quarter valued at about $1,046,000. FMR LLC grew its stake in shares of Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after acquiring an additional 67,266 shares during the period. National Bank of Canada FI raised its stake in Cummins by 4.2% during the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock worth $28,359,000 after acquiring an additional 3,298 shares during the period. Franklin Resources Inc. boosted its position in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after purchasing an additional 99,464 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Cummins by 4.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock worth $54,876,000 after purchasing an additional 6,107 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CMI. Citigroup cut their price target on Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. JPMorgan Chase & Co. decreased their target price on Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Morgan Stanley cut their price objective on shares of Cummins from $425.00 to $340.00 and set an “overweight” rating for the company in a report on Wednesday. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and dropped their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Barclays boosted their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus target price of $346.00.

Cummins Stock Performance

NYSE:CMI opened at $281.37 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’s fifty day moving average is $326.83 and its 200 day moving average is $345.26. The firm has a market capitalization of $38.76 billion, a PE ratio of 9.99, a PEG ratio of 2.19 and a beta of 1.07. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company earned $4.14 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 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.