Cummins Inc. (NYSE:CMI) Shares Purchased by Deseret Mutual Benefit Administrators

Deseret Mutual Benefit Administrators raised its stake in Cummins Inc. (NYSE:CMI) by 32.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 716 shares of the company’s stock after purchasing an additional 174 shares during the period. Deseret Mutual Benefit Administrators’ holdings in Cummins were worth $250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. PFG Investments LLC raised its holdings in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares in the last quarter. Mariner Investment Group LLC purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC acquired a new stake in shares of Cummins in the 3rd quarter valued at $748,000. Franklin Resources Inc. lifted its position in shares of Cummins by 74.2% during the 3rd 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 last quarter. Finally, Bank of Montreal Can grew its stake in shares of Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after purchasing an additional 68,627 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CMI shares. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and raised their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Citigroup cut their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. The Goldman Sachs Group increased their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $386.67.

Cummins Stock Down 4.6 %

CMI stock opened at $366.79 on Friday. The company has a market cap of $50.43 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 2.20 and a beta of 1.00. The company has a fifty day moving average price of $361.51 and a 200 day moving average price of $341.71. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 12 month low of $259.06 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the business posted $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 22.57 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. Cummins’s payout ratio is 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.