Advisor Group Inc. increased its position in Cummins Inc. (NYSE:CMI) by 21.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 27,470 shares of the company’s stock after acquiring an additional 4,920 shares during the quarter. Advisor Group Inc.’s holdings in Cummins were worth $4,617,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. State Street Corp increased its holdings in Cummins by 0.5% in the 1st quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after acquiring an additional 61,286 shares during the last quarter. Vanguard Group Inc. grew its holdings in Cummins by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock valued at $1,884,074,000 after buying an additional 298,352 shares in the last quarter. BlackRock Inc. grew its holdings in Cummins by 4.1% during the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock valued at $1,724,930,000 after buying an additional 422,135 shares in the last quarter. American Century Companies Inc. grew its holdings in Cummins by 2.9% during the 2nd quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock valued at $439,732,000 after buying an additional 77,116 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Cummins by 9.0% during the 1st quarter. AQR Capital Management LLC now owns 2,486,266 shares of the company’s stock valued at $375,924,000 after buying an additional 205,659 shares in the last quarter. 83.85% of the stock is owned by institutional investors.
Cummins Inc. (NYSE CMI) traded up $0.25 during trading hours on Tuesday, reaching $169.20. The company had a trading volume of 1,602,100 shares, compared to its average volume of 1,281,864. The company has a market cap of $28,040.21, a P/E ratio of 17.15, a price-to-earnings-growth ratio of 1.38 and a beta of 1.16. Cummins Inc. has a one year low of $133.16 and a one year high of $181.79. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. Cummins’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.02 EPS. research analysts anticipate that Cummins Inc. will post 10.12 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.55%. Cummins’s payout ratio is 43.86%.
A number of research firms have weighed in on CMI. Stifel Nicolaus reaffirmed a “hold” rating and set a $190.00 target price (up previously from $186.00) on shares of Cummins in a report on Wednesday, November 1st. Piper Jaffray Companies set a $170.00 target price on Cummins and gave the company a “hold” rating in a report on Tuesday, October 31st. Buckingham Research lifted their target price on Cummins from $180.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Robert W. Baird reaffirmed a “sell” rating and set a $155.00 target price on shares of Cummins in a report on Wednesday, November 1st. Finally, Jefferies Group LLC lifted their target price on Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and a consensus target price of $173.96.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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