Jacobi Capital Management LLC Has $3.66 Million Holdings in Cummins Inc. (NYSE:CMI)

Jacobi Capital Management LLC lessened its stake in Cummins Inc. (NYSE:CMI) by 3.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 10,491 shares of the company’s stock after selling 386 shares during the quarter. Jacobi Capital Management LLC’s holdings in Cummins were worth $3,657,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CMI. Proficio Capital Partners LLC acquired a new stake in Cummins during the 4th quarter valued at $71,279,000. Fisher Asset Management LLC lifted its holdings in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares during the last quarter. State Street Corp lifted its holdings in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after purchasing an additional 120,579 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in 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 purchasing an additional 99,464 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CMI. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Citigroup lowered their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $386.67.

Cummins Stock Up 1.0 %

Shares of NYSE CMI opened at $367.90 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90. The stock has a market capitalization of $50.58 billion, a P/E ratio of 13.06, a PEG ratio of 2.19 and a beta of 1.00. The stock’s fifty day moving average is $362.32 and its 200 day moving average is $344.17.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the business earned $4.14 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

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