Westpac Banking Corp Sells 1,160 Shares of Cummins Inc. (NYSE:CMI)

Westpac Banking Corp reduced its position in shares of Cummins Inc. (NYSE:CMI) by 7.6% in the fourth quarter, HoldingsChannel reports. The firm owned 14,046 shares of the company’s stock after selling 1,160 shares during the quarter. Westpac Banking Corp’s holdings in Cummins were worth $4,896,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Ascent Group LLC boosted its stake in shares of Cummins by 7.8% during the 3rd quarter. Ascent Group LLC now owns 1,380 shares of the company’s stock worth $447,000 after acquiring an additional 100 shares during the last quarter. Centiva Capital LP purchased a new position in Cummins during the third quarter valued at $205,000. Investment Management Corp of Ontario grew its holdings in Cummins by 22.9% during the third quarter. Investment Management Corp of Ontario now owns 8,060 shares of the company’s stock valued at $2,610,000 after purchasing an additional 1,500 shares during the period. Integrated Wealth Concepts LLC raised its stake in shares of Cummins by 26.3% in the third quarter. Integrated Wealth Concepts LLC now owns 7,653 shares of the company’s stock worth $2,478,000 after buying an additional 1,592 shares during the period. Finally, Ingalls & Snyder LLC purchased a new position in shares of Cummins during the 3rd quarter valued at about $210,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Evercore ISI lifted their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Robert W. Baird increased their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Barclays boosted their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. cut their target price on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday, March 18th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $383.67.

Cummins Trading Up 1.5 %

CMI stock opened at $320.04 on Thursday. The firm has a fifty day moving average price of $349.15 and a 200 day moving average price of $348.80. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The firm has a market cap of $44.00 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. 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 (NYSE:CMI) last released its quarterly earnings data 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 quarter last year, the business earned $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.27%. Cummins’s payout ratio is currently 25.84%.

Cummins Company 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.