Pflug Koory LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 16.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,304 shares of the company’s stock after acquiring an additional 330 shares during the quarter. Pflug Koory LLC’s holdings in Cummins were worth $375,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of CMI. AQR Capital Management LLC raised its stake in Cummins by 173.8% during the second quarter. AQR Capital Management LLC now owns 2,366,771 shares of the company’s stock worth $400,387,000 after acquiring an additional 1,502,462 shares in the last quarter. Nuveen Asset Management LLC raised its stake in Cummins by 445.2% during the second quarter. Nuveen Asset Management LLC now owns 1,155,182 shares of the company’s stock worth $197,928,000 after acquiring an additional 943,285 shares in the last quarter. BlackRock Inc. raised its stake in Cummins by 5.8% during the second quarter. BlackRock Inc. now owns 11,488,896 shares of the company’s stock worth $1,968,509,000 after acquiring an additional 629,235 shares in the last quarter. Holocene Advisors LP raised its stake in Cummins by 161.4% during the second quarter. Holocene Advisors LP now owns 782,716 shares of the company’s stock worth $134,111,000 after acquiring an additional 483,233 shares in the last quarter. Finally, Invesco Ltd. raised its stake in Cummins by 27.2% during the second quarter. Invesco Ltd. now owns 2,112,358 shares of the company’s stock worth $361,932,000 after acquiring an additional 452,071 shares in the last quarter. 82.34% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on the company. Morgan Stanley lowered their price objective on Cummins from $167.00 to $162.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Credit Suisse Group upped their price objective on Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Loop Capital downgraded Cummins from a “hold” rating to a “sell” rating and lowered their price objective for the company from $168.00 to $145.00 in a research note on Tuesday, July 2nd. ValuEngine downgraded Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Finally, Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $167.09.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The company had revenue of $6.22 billion during the quarter, compared to the consensus estimate of $6.36 billion. During the same quarter in the previous year, the company earned $4.14 earnings per share. The business’s revenue was up 1.5% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 15.84 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be issued a $1.311 dividend. This represents a $5.24 annualized dividend and a yield of 3.15%. The ex-dividend date is Wednesday, November 13th. Cummins’s payout ratio is presently 39.61%.
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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