Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its stake in Cummins Inc. (NYSE:CMI) by 62.9% in the first quarter, Holdings Channel reports. The fund owned 264,200 shares of the company’s stock after acquiring an additional 102,000 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp’s holdings in Cummins were worth $42,824,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in CMI. Amundi Pioneer Asset Management Inc. bought a new position in shares of Cummins in the fourth quarter worth about $210,124,000. BlackRock Inc. raised its stake in shares of Cummins by 8.3% in the fourth quarter. BlackRock Inc. now owns 11,675,250 shares of the company’s stock worth $2,062,319,000 after acquiring an additional 898,512 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of Cummins by 272.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 639,800 shares of the company’s stock worth $113,014,000 after acquiring an additional 468,200 shares during the last quarter. Two Sigma Advisers LP raised its stake in shares of Cummins by 50.6% in the fourth quarter. Two Sigma Advisers LP now owns 1,182,982 shares of the company’s stock worth $208,962,000 after acquiring an additional 397,247 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Cummins by 92.7% in the first quarter. Millennium Management LLC now owns 736,626 shares of the company’s stock worth $119,400,000 after acquiring an additional 354,266 shares during the last quarter. 81.09% of the stock is owned by institutional investors.
A number of brokerages have weighed in on CMI. Morgan Stanley set a $165.00 target price on shares of Cummins and gave the stock a “hold” rating in a research note on Monday, May 7th. Argus dropped their target price on shares of Cummins to $175.00 and set a “buy” rating for the company in a research note on Friday, May 11th. They noted that the move was a valuation call. Buckingham Research downgraded shares of Cummins from a “buy” rating to a “neutral” rating and set a $195.00 target price for the company. in a research note on Wednesday, May 2nd. Piper Jaffray Companies set a $164.00 target price on shares of Cummins and gave the stock a “hold” rating in a research note on Thursday, April 5th. Finally, BMO Capital Markets dropped their price target on shares of Cummins from $180.00 to $170.00 and set a “market perform” rating for the company in a research note on Thursday, May 3rd. Three analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $171.45.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 1st. The company reported $3.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.91 by $0.39. The firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Cummins had a net margin of 4.33% and a return on equity of 23.47%. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.36 earnings per share. analysts predict that Cummins Inc. will post 13.63 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 1st. Investors of record on Friday, May 18th were issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date of this dividend was Thursday, May 17th. Cummins’s dividend payout ratio is currently 40.68%.
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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