Welch & Forbes LLC Cuts Holdings in Cummins Inc. (NYSE:CMI)

Welch & Forbes LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 45,930 shares of the company’s stock after selling 1,269 shares during the period. Welch & Forbes LLC’s holdings in Cummins were worth $16,011,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the business. Stephens Inc. AR increased its stake in Cummins by 12.9% in the 3rd quarter. Stephens Inc. AR now owns 1,250 shares of the company’s stock valued at $405,000 after purchasing an additional 143 shares in the last quarter. Van ECK Associates Corp increased its stake in Cummins by 11.0% in the 3rd quarter. Van ECK Associates Corp now owns 25,158 shares of the company’s stock valued at $8,301,000 after purchasing an additional 2,494 shares in the last quarter. Moloney Securities Asset Management LLC increased its stake in Cummins by 5.0% in the 3rd quarter. Moloney Securities Asset Management LLC now owns 1,638 shares of the company’s stock valued at $530,000 after purchasing an additional 78 shares in the last quarter. Crestwood Advisors Group LLC increased its stake in Cummins by 5.6% in the 3rd quarter. Crestwood Advisors Group LLC now owns 1,805 shares of the company’s stock valued at $584,000 after purchasing an additional 95 shares in the last quarter. Finally, Crescent Grove Advisors LLC purchased a new position in Cummins in the 3rd quarter valued at approximately $209,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI stock opened at $344.49 on Friday. The stock has a 50-day moving average price of $361.95 and a two-hundred day moving average price of $345.63. Cummins Inc. has a 12-month low of $260.88 and a 12-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. The company has a market cap of $47.36 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00.

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

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. Citigroup lowered their target price on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Robert W. Baird raised their price objective on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average 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.