Rafferty Asset Management LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 23.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,440 shares of the company’s stock after acquiring an additional 644 shares during the quarter. Rafferty Asset Management LLC’s holdings in Cummins were worth $839,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. boosted its position in shares of Cummins by 5.3% in the first quarter. BlackRock Inc. now owns 13,717,674 shares of the company’s stock valued at $3,554,386,000 after acquiring an additional 686,581 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Cummins by 21.1% in the first quarter. Ameriprise Financial Inc. now owns 1,556,866 shares of the company’s stock valued at $403,399,000 after acquiring an additional 270,933 shares during the period. Amundi Asset Management US Inc. boosted its position in shares of Cummins by 11.1% in the first quarter. Amundi Asset Management US Inc. now owns 1,474,569 shares of the company’s stock valued at $382,228,000 after acquiring an additional 146,777 shares during the period. Dimensional Fund Advisors LP lifted its position in Cummins by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,423,189 shares of the company’s stock worth $368,832,000 after purchasing an additional 25,477 shares during the period. Finally, AQR Capital Management LLC lifted its position in Cummins by 15.0% in the first quarter. AQR Capital Management LLC now owns 1,135,290 shares of the company’s stock worth $294,166,000 after purchasing an additional 148,053 shares during the period. 80.40% of the stock is owned by institutional investors.
Several research analysts recently commented on CMI shares. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating and set a $251.00 target price for the company. in a research report on Thursday, July 15th. Cowen raised Cummins from a “market perform” rating to an “outperform” rating and set a $284.00 target price for the company in a research report on Friday, July 16th. The Goldman Sachs Group cut Cummins from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $270.00 to $230.00 in a research report on Tuesday, August 24th. Vertical Research raised Cummins from a “hold” rating to a “buy” rating and set a $280.00 target price for the company in a research report on Monday, July 26th. Finally, Credit Suisse Group raised their target price on Cummins from $300.00 to $307.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 4th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $280.83.
Cummins (NYSE:CMI) last announced its earnings results on Monday, August 2nd. The company reported $4.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.06 by $0.04. Cummins had a return on equity of 25.26% and a net margin of 9.52%. The company had revenue of $6.10 billion during the quarter, compared to analyst estimates of $6 billion. During the same period last year, the company posted $1.86 earnings per share. The firm’s quarterly revenue was up 58.4% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 16.37 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 2nd. Stockholders of record on Friday, August 20th were paid a $1.45 dividend. The ex-dividend date of this dividend was Thursday, August 19th. This is a positive change from Cummins’s previous quarterly dividend of $1.35. This represents a $5.80 dividend on an annualized basis and a dividend yield of 2.64%. Cummins’s dividend payout ratio (DPR) is 47.62%.
Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, 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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