Moors & Cabot Inc. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 74.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,202 shares of the company’s stock after buying an additional 2,224 shares during the period. Moors & Cabot Inc.’s holdings in Cummins were worth $843,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BlackRock Inc. raised its stake in Cummins by 4.0% during the 1st quarter. BlackRock Inc. now owns 12,138,618 shares of the company’s stock valued at $1,967,548,000 after buying an additional 463,368 shares during the last quarter. Boston Partners raised its stake in Cummins by 2.7% during the 1st quarter. Boston Partners now owns 3,384,197 shares of the company’s stock valued at $548,545,000 after buying an additional 87,372 shares during the last quarter. Franklin Resources Inc. raised its stake in Cummins by 9.1% during the 1st quarter. Franklin Resources Inc. now owns 2,368,298 shares of the company’s stock valued at $383,878,000 after buying an additional 197,413 shares during the last quarter. Northern Trust Corp raised its stake in Cummins by 2.4% during the 1st quarter. Northern Trust Corp now owns 2,274,023 shares of the company’s stock valued at $368,596,000 after buying an additional 52,223 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Cummins by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 2,122,029 shares of the company’s stock valued at $374,228,000 after buying an additional 59,257 shares during the last quarter. Institutional investors and hedge funds own 81.09% of the company’s stock.
A number of equities research analysts have weighed in on CMI shares. TheStreet upgraded shares of Cummins from a “c+” rating to a “b” rating in a research note on Tuesday, May 1st. Wells Fargo & Co reissued a “buy” rating and set a $195.00 price objective (down previously from $210.00) on shares of Cummins in a research report on Thursday, February 22nd. Argus cut their price objective on shares of Cummins to $175.00 and set a “buy” rating for the company in a research report on Friday, May 11th. They noted that the move was a valuation call. Standpoint Research raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Morgan Stanley assumed coverage on shares of Cummins in a research report on Friday, March 2nd. They set an “equal weight” rating and a $173.00 price objective for the company. Three analysts have rated the stock with a sell rating, eighteen have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $171.45.
Shares of Cummins stock opened at $138.60 on Thursday. The firm has a market capitalization of $23.03 billion, a P/E ratio of 13.05, a PEG ratio of 0.94 and a beta of 1.18. The company has a quick ratio of 0.99, a current ratio of 1.58 and a debt-to-equity ratio of 0.19. Cummins Inc. has a fifty-two week low of $137.66 and a fifty-two week high of $194.18.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 1st. The company reported $3.30 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.39. The company had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.18 billion. Cummins had a net margin of 4.33% and a return on equity of 23.47%. Cummins’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.36 EPS. sell-side analysts forecast that Cummins Inc. will post 13.63 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 1st. Investors of record on Friday, May 18th were issued a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 3.12%. The ex-dividend date was Thursday, May 17th. Cummins’s dividend payout ratio is currently 40.68%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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