Charles Schwab Investment Management Inc. Trims Position in Cummins Inc. (NYSE:CMI)

Charles Schwab Investment Management Inc. reduced its holdings in Cummins Inc. (NYSE:CMI) by 0.2% during the 2nd quarter, Holdings Channel reports. The fund owned 819,969 shares of the company’s stock after selling 1,556 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Cummins were worth $201,024,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in Cummins by 5.6% in the first quarter. BlackRock Inc. now owns 12,218,003 shares of the company’s stock valued at $2,918,637,000 after purchasing an additional 645,553 shares during the last quarter. State Street Corp grew its holdings in Cummins by 3.0% during the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock worth $1,548,473,000 after acquiring an additional 191,776 shares during the period. Bank Julius Baer & Co. Ltd Zurich raised its position in Cummins by 99,156.3% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 3,471,984 shares of the company’s stock valued at $851,192,000 after acquiring an additional 3,468,486 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 13.6% in the second quarter. Fisher Asset Management LLC now owns 2,361,324 shares of the company’s stock valued at $578,902,000 after acquiring an additional 283,027 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Cummins by 623.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,930,868 shares of the company’s stock worth $66,772,000 after purchasing an additional 1,663,945 shares in the last quarter. Institutional investors and hedge funds own 81.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CMI. The Goldman Sachs Group increased their price target on shares of Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. Credit Suisse Group lowered their target price on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a research note on Friday, August 4th. JPMorgan Chase & Co. lowered Cummins from a “neutral” rating to an “underweight” rating and cut their price target for the company from $270.00 to $255.00 in a research note on Monday, October 16th. StockNews.com began coverage on Cummins in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Finally, Bank of America dropped their price objective on Cummins from $273.00 to $264.00 in a report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and an average price target of $264.50.

Cummins Trading Up 0.9 %

Shares of Cummins stock opened at $225.50 on Friday. The firm has a market capitalization of $31.96 billion, a PE ratio of 11.49, a P/E/G ratio of 1.17 and a beta of 1.07. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $265.28. The firm’s 50-day moving average price is $225.47 and its 200 day moving average price is $231.49. The company has a current ratio of 1.43, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Investors of record on Friday, November 24th will be paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Wednesday, November 22nd. Cummins’s dividend payout ratio is presently 34.25%.

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.