Interval Partners LP Purchases New Shares in Cummins Inc. (NYSE:CMI)

Interval Partners LP acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 25,560 shares of the company’s stock, valued at approximately $8,910,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of CMI. Graypoint LLC grew its position in shares of Cummins by 2.0% during the 4th quarter. Graypoint LLC now owns 1,874 shares of the company’s stock worth $653,000 after purchasing an additional 36 shares in the last quarter. Czech National Bank boosted its stake in shares of Cummins by 6.5% in the fourth quarter. Czech National Bank now owns 29,744 shares of the company’s stock valued at $10,369,000 after buying an additional 1,826 shares during the period. Matrix Trust Co grew its position in Cummins by 520.5% during the fourth quarter. Matrix Trust Co now owns 273 shares of the company’s stock worth $95,000 after buying an additional 229 shares in the last quarter. Trust Co. of Toledo NA OH increased its stake in Cummins by 14.3% during the 4th quarter. Trust Co. of Toledo NA OH now owns 1,218 shares of the company’s stock worth $425,000 after acquiring an additional 152 shares during the period. Finally, Capital Investment Advisors LLC raised its holdings in Cummins by 2.0% in the 4th quarter. Capital Investment Advisors LLC now owns 110,386 shares of the company’s stock valued at $38,481,000 after acquiring an additional 2,211 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CMI. Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and lowered their price objective for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $352.33.

Cummins Price Performance

Shares of CMI opened at $306.81 on Friday. The business has a 50-day simple moving average of $304.66 and a two-hundred day simple moving average of $341.39. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The stock has a market cap of $42.26 billion, a PE ratio of 10.89, a PEG ratio of 2.19 and a beta of 1.02. 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 issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. During the same quarter last year, the business earned $5.08 EPS. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. 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. Investors of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.37%. Cummins’s payout ratio is 36.22%.

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.