Virtus ETF Advisers LLC Boosts Stake in Cummins Inc. (NYSE:CMI)

Virtus ETF Advisers LLC grew its position in Cummins Inc. (NYSE:CMI) by 12.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,438 shares of the company’s stock after acquiring an additional 389 shares during the quarter. Virtus ETF Advisers LLC’s holdings in Cummins were worth $1,198,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its position in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after purchasing an additional 84,112 shares during the period. Fisher Asset Management LLC increased its position in shares of Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Cummins by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company’s stock valued at $552,820,000 after buying an additional 12,722 shares during the period. Finally, Norges Bank purchased a new position in Cummins during the fourth quarter worth $499,490,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Down 0.1 %

NYSE:CMI opened at $293.56 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The stock’s fifty day moving average is $318.12 and its two-hundred day moving average is $343.74. The stock has a market capitalization of $40.44 billion, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

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

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. Cummins’s payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent analyst reports. Evercore ISI boosted 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. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, Robert W. Baird cut their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $346.00.

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.