Harfst & Associates Inc. Has $3.55 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Harfst & Associates Inc. grew its position in shares of Cummins Inc. (NYSE:CMI) by 27.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 10,175 shares of the company’s stock after purchasing an additional 2,185 shares during the period. Cummins makes up approximately 0.7% of Harfst & Associates Inc.’s portfolio, making the stock its 17th biggest holding. Harfst & Associates Inc.’s holdings in Cummins were worth $3,547,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CMI. Pathway Financial Advisers LLC lifted its stake in shares of Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares during the period. Fisher Asset Management LLC lifted its stake in shares of 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 acquiring an additional 165,398 shares during the period. State Street Corp lifted 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 acquiring an additional 126,703 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of 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 acquiring an additional 120,579 shares during the period. Finally, Franklin Resources Inc. lifted its stake 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 acquiring an additional 99,464 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CMI. Robert W. Baird lifted their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Evercore ISI lifted their price objective on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus price target of $386.67.

Cummins Trading Up 1.7 %

NYSE CMI opened at $367.04 on Thursday. The company has a market cap of $50.46 billion, a price-to-earnings ratio of 13.03, a P/E/G ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90. The business has a 50 day moving average price of $361.70 and a 200-day moving average price of $343.49. 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 released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during 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 company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.14 earnings per share. 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 company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. Cummins’s dividend payout ratio is 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.