AMP Capital Investors Ltd decreased its position in shares of Cummins Inc. (NYSE:CMI) by 1.0% in the 4th quarter, Holdings Channel reports. The firm owned 136,217 shares of the company’s stock after selling 1,434 shares during the quarter. AMP Capital Investors Ltd’s holdings in Cummins were worth $24,061,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. FDx Advisors Inc. bought a new stake in shares of Cummins in the 3rd quarter valued at $685,000. IFM Investors Pty Ltd bought a new stake in shares of Cummins in the 3rd quarter valued at $742,000. Valeo Financial Advisors LLC bought a new stake in shares of Cummins in the 3rd quarter valued at $1,195,000. DnB Asset Management AS increased its stake in shares of Cummins by 84.2% in the 4th quarter. DnB Asset Management AS now owns 37,406 shares of the company’s stock valued at $6,607,000 after acquiring an additional 17,100 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Cummins by 104.5% in the 4th quarter. Victory Capital Management Inc. now owns 149,873 shares of the company’s stock valued at $26,474,000 after acquiring an additional 76,584 shares in the last quarter. Hedge funds and other institutional investors own 82.82% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at $162.37 on Friday. Cummins Inc. has a 52-week low of $143.83 and a 52-week high of $194.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.01. The stock has a market cap of $27,440.00, a price-to-earnings ratio of 15.23, a P/E/G ratio of 1.11 and a beta of 1.19.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 8th. Investors of record on Friday, February 23rd were given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is currently 40.53%.
Several analysts have recently weighed in on CMI shares. Bank of America upgraded shares of Cummins from a “neutral” rating to a “buy” rating and set a $215.00 price objective for the company in a research note on Friday, January 19th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $193.00 price objective for the company in a research note on Friday, February 9th. Wells Fargo & Co reiterated a “buy” rating and issued a $195.00 price objective (down previously from $210.00) on shares of Cummins in a research note on Thursday, February 22nd. Finally, TheStreet lowered shares of Cummins from a “b” rating to a “c+” rating in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $187.61.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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