Wells Fargo & Company MN Decreases Stake in Cummins Inc. (NYSE:CMI)

Wells Fargo & Company MN lessened its holdings in Cummins Inc. (NYSE:CMI) by 6.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 324,626 shares of the company’s stock after selling 23,793 shares during the quarter. Wells Fargo & Company MN’s holdings in Cummins were worth $113,164,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Mariner Investment Group LLC purchased a new stake in Cummins during the fourth quarter worth about $1,046,000. National Bank of Canada FI grew its holdings in Cummins by 4.2% during the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after purchasing an additional 3,298 shares during the period. Franklin Resources Inc. increased its position in 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 buying an additional 99,464 shares during the last quarter. Axxcess Wealth Management LLC lifted its position in shares of Cummins by 133.4% during the 4th quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock valued at $2,021,000 after buying an additional 3,314 shares during the last quarter. Finally, Concurrent Investment Advisors LLC grew its stake in shares of Cummins by 296.0% during the 4th quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock worth $4,128,000 after acquiring an additional 8,851 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. UBS Group lowered their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Finally, Robert W. Baird lifted their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $383.67.

Cummins Price Performance

CMI stock opened at $277.82 on Monday. The firm has a 50 day simple moving average of $345.89 and a two-hundred day simple moving average of $348.94. The stock has a market cap of $38.19 billion, a PE ratio of 9.86, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. 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 (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same period in the previous 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.62%. 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.