Sumitomo Mitsui Asset Management Company LTD lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,076 shares of the company’s stock after selling 409 shares during the quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in Cummins were worth $2,029,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in CMI. Carroll Financial Associates Inc. grew its stake in Cummins by 13.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after acquiring an additional 83 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of Cummins in the 2nd quarter valued at approximately $137,000. Acrospire Investment Management LLC bought a new stake in shares of Cummins in the 2nd quarter valued at approximately $146,000. Harbour Capital Advisors LLC bought a new stake in shares of Cummins in the 1st quarter valued at approximately $150,000. Finally, Pathstone Family Office LLC bought a new stake in shares of Cummins in the 1st quarter valued at approximately $153,000. 81.05% of the stock is currently owned by institutional investors.
Several brokerages recently commented on CMI. Stifel Nicolaus reissued a “hold” rating and issued a $190.00 price target (up previously from $186.00) on shares of Cummins in a research note on Wednesday. Royal Bank Of Canada boosted their price target on Cummins from $169.00 to $173.00 and gave the company a “sector perform” rating in a research note on Thursday. Piper Jaffray Companies set a $170.00 price target on Cummins and gave the company a “hold” rating in a research note on Tuesday. Jefferies Group LLC boosted their price target on Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Robert W. Baird reissued a “sell” rating and issued a $155.00 price target on shares of Cummins in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $168.91.
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Cummins Inc. (CMI) opened at $173.07 on Friday. The firm has a market capitalization of $28.76 billion, a P/E ratio of 17.59, a P/E/G ratio of 1.40 and a beta of 1.16. The company has a quick ratio of 1.15, a current ratio of 1.57 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.24. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $4.79 billion. During the same period in the previous year, the company earned $2.02 earnings per share. The company’s quarterly revenue was up 26.2% compared to the same quarter last year. equities research analysts expect that Cummins Inc. will post 10.04 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.50%. Cummins’s dividend payout ratio (DPR) is presently 43.86%.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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