First Horizon Advisors Inc. Has $23.67 Million Holdings in Cummins Inc. (NYSE:CMI)

First Horizon Advisors Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 0.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 67,887 shares of the company’s stock after selling 615 shares during the quarter. First Horizon Advisors Inc.’s holdings in Cummins were worth $23,666,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. State Street Corp lifted its position in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares during the last quarter. Pathway Financial Advisers LLC lifted its position in shares of Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the last quarter. FMR LLC lifted its position in shares of Cummins by 0.8% during the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Cummins by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after purchasing an additional 6,608 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Citigroup cut their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $386.67.

Cummins Trading Down 4.6 %

Cummins stock opened at $366.79 on Friday. The business has a 50 day moving average price of $361.51 and a two-hundred day moving average price of $342.05. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock has a market cap of $50.43 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 12 month low of $259.06 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the company posted $4.14 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. Cummins’s dividend payout ratio is currently 25.84%.

Cummins Profile

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.