Signaturefd LLC bought a new stake in Cummins (NYSE:CMI) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 983 shares of the company’s stock, valued at approximately $159,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its stake in Cummins by 104.5% in the fourth 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 during the last quarter. Green Square Capital LLC increased its stake in Cummins by 24.9% in the fourth quarter. Green Square Capital LLC now owns 47,852 shares of the company’s stock valued at $8,452,000 after acquiring an additional 9,542 shares during the last quarter. Creative Planning increased its stake in Cummins by 2.3% in the fourth quarter. Creative Planning now owns 31,539 shares of the company’s stock valued at $5,571,000 after acquiring an additional 699 shares during the last quarter. ARP Americas LP increased its stake in Cummins by 438.2% in the fourth quarter. ARP Americas LP now owns 20,997 shares of the company’s stock valued at $3,709,000 after acquiring an additional 17,096 shares during the last quarter. Finally, Koch Industries Inc. increased its stake in Cummins by 303.7% in the fourth quarter. Koch Industries Inc. now owns 6,645 shares of the company’s stock valued at $1,174,000 after acquiring an additional 4,999 shares during the last quarter. 84.18% of the stock is currently owned by institutional investors and hedge funds.
Cummins opened at $148.90 on Friday, Marketbeat Ratings reports. The company has a quick ratio of 0.99, a current ratio of 1.58 and a debt-to-equity ratio of 0.19. The stock has a market cap of $24.53 billion, a PE ratio of 14.02, a PEG ratio of 0.96 and a beta of 1.24. Cummins has a 1-year low of $140.60 and a 1-year high of $194.18.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Friday, May 18th will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, May 17th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.90%. Cummins’s dividend payout ratio is currently 40.68%.
A number of research analysts recently commented on the company. Citigroup increased their target price on Cummins from $185.00 to $200.00 and gave the company a “neutral” rating in a research note on Monday, February 5th. Robert W. Baird raised their price objective on Cummins from $157.00 to $159.00 and gave the company an “underperform” rating in a research note on Wednesday, February 7th. Morgan Stanley set a $165.00 price objective on Cummins and gave the company a “hold” rating in a research note on Monday, May 7th. Argus reduced their price objective on Cummins to $175.00 and set a “buy” rating on the stock in a research note on Friday, May 11th. They noted that the move was a valuation call. Finally, William Blair reaffirmed a “hold” rating on shares of Cummins in a research note on Tuesday, February 13th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and three have assigned a buy rating to the stock. Cummins presently has an average rating of “Hold” and an average target price of $171.45.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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