Chicago Equity Partners LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 3.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 36,555 shares of the company’s stock after buying an additional 1,265 shares during the period. Chicago Equity Partners LLC’s holdings in Cummins were worth $4,862,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of Cummins by 4.0% during the 1st quarter. BlackRock Inc. now owns 12,138,618 shares of the company’s stock worth $1,967,548,000 after purchasing an additional 463,368 shares in the last quarter. Boston Partners grew its holdings in shares of Cummins by 45.4% during the 2nd quarter. Boston Partners now owns 4,918,989 shares of the company’s stock worth $654,225,000 after purchasing an additional 1,534,792 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Cummins by 9.1% during the 1st quarter. Franklin Resources Inc. now owns 2,368,298 shares of the company’s stock worth $383,878,000 after purchasing an additional 197,413 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Cummins by 2.4% during the 1st quarter. Northern Trust Corp now owns 2,274,023 shares of the company’s stock worth $368,596,000 after purchasing an additional 52,223 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Cummins by 19.4% during the 1st quarter. Wells Fargo & Company MN now owns 1,972,366 shares of the company’s stock worth $319,699,000 after purchasing an additional 320,872 shares in the last quarter. 79.42% of the stock is currently owned by institutional investors.
Cummins stock opened at $143.91 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.61 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $23.73 billion, a price-to-earnings ratio of 10.93, a PEG ratio of 0.83 and a beta of 1.11. Cummins Inc. has a 12 month low of $129.90 and a 12 month high of $194.18.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, July 31st. The company reported $3.32 EPS for the quarter, missing the consensus estimate of $3.63 by ($0.31). The firm had revenue of $6.13 billion during the quarter, compared to the consensus estimate of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. Cummins’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.53 earnings per share. research analysts anticipate that Cummins Inc. will post 14.94 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 22nd will be given a $1.14 dividend. The ex-dividend date of this dividend is Tuesday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $1.08. This represents a $4.56 annualized dividend and a yield of 3.17%. Cummins’s dividend payout ratio (DPR) is currently 42.94%.
Several analysts have recently issued reports on the company. Argus reduced their target price on Cummins to $175.00 and set a “buy” rating on the stock in a report on Friday, May 11th. They noted that the move was a valuation call. Morgan Stanley set a $165.00 target price on Cummins and gave the stock a “hold” rating in a report on Monday, May 7th. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $148.00 target price on the stock in a report on Tuesday, July 3rd. Stifel Nicolaus upped their price objective on Cummins from $160.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, August 1st. Finally, Buckingham Research downgraded Cummins from a “buy” rating to a “neutral” rating and set a $195.00 price objective for the company. in a research report on Wednesday, May 2nd. Four analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $165.86.
In other Cummins news, Director Alexis M. Herman sold 735 shares of the stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $139.90, for a total value of $102,826.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Tracy A. Embree sold 462 shares of the stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $141.70, for a total value of $65,465.40. Following the completion of the transaction, the vice president now owns 4,122 shares of the company’s stock, valued at $584,087.40. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by company insiders.
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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