Fmr LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 11.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,385,506 shares of the company’s stock after buying an additional 248,721 shares during the period. Fmr LLC owned approximately 1.45% of Cummins worth $317,272,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of CMI. Boston Partners increased its position in Cummins by 45.4% in the 2nd quarter. Boston Partners now owns 4,918,989 shares of the company’s stock worth $654,225,000 after buying an additional 1,534,792 shares during the period. LSV Asset Management increased its position in Cummins by 76.6% in the 2nd quarter. LSV Asset Management now owns 1,800,245 shares of the company’s stock worth $239,432,000 after buying an additional 781,118 shares during the period. BlackRock Inc. increased its position in Cummins by 4.0% in the 1st quarter. BlackRock Inc. now owns 12,138,618 shares of the company’s stock worth $1,967,548,000 after buying an additional 463,368 shares during the period. Millennium Management LLC increased its position in Cummins by 92.7% in the 1st quarter. Millennium Management LLC now owns 736,626 shares of the company’s stock worth $119,400,000 after buying an additional 354,266 shares during the period. Finally, Wells Fargo & Company MN increased its position in Cummins by 19.4% in the 1st quarter. Wells Fargo & Company MN now owns 1,972,366 shares of the company’s stock worth $319,699,000 after buying an additional 320,872 shares during the period. 79.42% of the stock is currently owned by institutional investors.
Shares of NYSE:CMI opened at $140.91 on Friday. Cummins Inc. has a 1-year low of $129.90 and a 1-year high of $194.18. The company has a market cap of $23.47 billion, a PE ratio of 10.81, a PEG ratio of 0.82 and a beta of 1.15. The company has a current ratio of 1.61, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, July 31st. The company reported $3.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.63 by ($0.31). The company had revenue of $6.13 billion during the quarter, compared to analyst estimates of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. Cummins’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.53 EPS. research analysts expect that Cummins Inc. will post 14.94 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd were paid a $1.14 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend was Tuesday, August 21st. This represents a $4.56 annualized dividend and a yield of 3.24%. Cummins’s payout ratio is currently 42.94%.
CMI has been the topic of several recent analyst reports. Argus dropped their price target on Cummins to $175.00 and set a “buy” rating on the stock in a research report on Friday, May 11th. They noted that the move was a valuation call. ValuEngine downgraded Cummins from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 13th. Standpoint Research raised Cummins from a “hold” rating to a “buy” rating in a report on Monday, June 18th. Citigroup decreased their price objective on Cummins from $160.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, June 25th. Finally, Mizuho initiated coverage on Cummins in a report on Friday, June 29th. They set a “neutral” rating and a $150.00 price objective on the stock. Four analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have issued a buy rating to the company’s stock. Cummins has an average rating of “Hold” and an average price target of $165.86.
In related news, VP Tracy A. Embree sold 462 shares of the business’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $141.70, for a total value of $65,465.40. Following the sale, the vice president now owns 4,122 shares of the company’s stock, valued at approximately $584,087.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Alexis M. Herman sold 735 shares of the business’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total value of $102,826.50. The disclosure for this sale can be found here. 0.62% of the stock is owned by insiders.
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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