Bridges Investment Management Inc. Acquires New Position in Cummins Inc. (NYSE:CMI)

Bridges Investment Management Inc. acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 680 shares of the company’s stock, valued at approximately $237,000.

Other institutional investors have also modified their holdings of the company. Mariner Investment Group LLC bought a new stake in shares of Cummins during the 4th quarter valued at about $1,046,000. Alpha DNA Investment Management LLC bought a new stake in shares of Cummins during the 3rd quarter valued at about $748,000. Franklin Resources Inc. grew 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 valued at $79,017,000 after buying an additional 99,464 shares during the last quarter. Bank of Montreal Can grew its position in shares of Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after buying an additional 68,627 shares during the last quarter. Finally, Hancock Whitney Corp grew its position in shares of Cummins by 545.1% during the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after buying an additional 32,642 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on CMI. Robert W. Baird upped their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Citigroup decreased their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Jefferies Financial Group upped their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Evercore ISI upped their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $386.67.

Cummins Trading Down 3.4 %

Shares of NYSE:CMI opened at $355.81 on Tuesday. The company has a 50 day moving average of $362.41 and a 200-day moving average of $345.30. The firm has a market cap of $48.92 billion, a P/E ratio of 12.63, a P/E/G ratio of 2.19 and a beta of 1.00. Cummins Inc. has a twelve month low of $260.88 and a twelve month high of $387.90. 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 (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the business earned $4.14 earnings per share. The business’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.05%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio 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.