The Manufacturers Life Insurance Company Buys 209 Shares of Cummins Inc. (NYSE:CMI)

The Manufacturers Life Insurance Company raised its stake in shares of Cummins Inc. (NYSE:CMI) by 0.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 282,368 shares of the company’s stock after purchasing an additional 209 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cummins were worth $98,433,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Global Trust Asset Management LLC grew its holdings in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in Cummins during the 4th quarter worth about $26,000. Compass Financial Services Inc acquired a new stake in Cummins during the 4th quarter worth about $27,000. Meeder Asset Management Inc. grew its holdings in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares during the period. Finally, TCTC Holdings LLC acquired a new stake in Cummins during the 4th quarter worth about $28,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. JPMorgan Chase & Co. reduced their target price on Cummins from $375.00 to $308.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Citigroup reduced their target price on Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Finally, Morgan Stanley reduced their target price on Cummins from $425.00 to $340.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $346.00.

Cummins Trading Up 0.3 %

NYSE CMI opened at $294.24 on Tuesday. The firm has a market capitalization of $40.53 billion, a P/E ratio of 10.45, a PEG ratio of 2.19 and a beta of 1.07. The business has a fifty day simple moving average of $316.28 and a 200 day simple moving average of $343.60. Cummins Inc. has a 12 month low of $260.02 and a 12 month 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.

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

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.47%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Cummins 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.