Ironwood Investment Counsel LLC Trims Position in Cummins Inc. (NYSE:CMI)

Ironwood Investment Counsel LLC reduced its position in Cummins Inc. (NYSE:CMI) by 1.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,479 shares of the company’s stock after selling 337 shares during the quarter. Cummins makes up about 1.3% of Ironwood Investment Counsel LLC’s investment portfolio, making the stock its 16th largest holding. Ironwood Investment Counsel LLC’s holdings in Cummins were worth $7,836,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Midwest Professional Planners LTD. lifted its stake in Cummins by 7.2% in the 4th quarter. Midwest Professional Planners LTD. now owns 10,836 shares of the company’s stock worth $3,777,000 after purchasing an additional 727 shares in the last quarter. Intact Investment Management Inc. purchased a new position in Cummins during the 4th quarter valued at approximately $70,000. LBP AM SA raised its holdings in shares of Cummins by 122.3% during the 4th quarter. LBP AM SA now owns 19,186 shares of the company’s stock worth $6,688,000 after acquiring an additional 10,556 shares in the last quarter. Integras Partners LLC purchased a new position in shares of Cummins in the fourth quarter valued at $2,839,000. Finally, Madison Investment Advisors LLC bought a new stake in Cummins in the fourth quarter worth $10,828,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 5.5 %

Shares of CMI stock opened at $312.65 on Friday. The company has a market capitalization of $42.98 billion, a P/E ratio of 11.10, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The business’s 50 day moving average is $360.03 and its two-hundred day moving average is $346.51. 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 Inc. has a twelve month low of $260.88 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business 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 firm earned $4.14 EPS. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

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 dividend of $1.82 per share. 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 2.33%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Ratings Changes

A number of research firms have recently weighed in on CMI. Robert W. Baird boosted their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Evercore ISI upped their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Finally, StockNews.com downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $386.67.

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.