Parallel Advisors LLC Cuts Stake in Cummins Inc. (NYSE:CMI)

Parallel Advisors LLC decreased its stake in Cummins Inc. (NYSE:CMI) by 4.4% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 6,901 shares of the company’s stock after selling 321 shares during the quarter. Parallel Advisors LLC’s holdings in Cummins were worth $2,406,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CMI. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% in 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 purchased a new position in shares of Cummins in the fourth quarter valued at $26,000. Compass Financial Services Inc acquired a new stake in Cummins during the 4th quarter valued at $27,000. SBI Securities Co. Ltd. purchased a new stake in Cummins during the 4th quarter worth $30,000. Finally, Prospera Private Wealth LLC acquired a new position in Cummins in the 3rd quarter worth $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Citigroup dropped their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Jefferies Financial Group upped their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $389.50.

Cummins Stock Down 1.2 %

NYSE:CMI opened at $322.19 on Wednesday. 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 stock has a 50 day moving average of $358.00 and a 200-day moving average of $347.35. The firm has a market capitalization of $44.30 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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 the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the business earned $4.14 EPS. Analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Friday, February 21st. 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.