Municipal Employees Retirement System of Michigan trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 9.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,290 shares of the company’s stock after selling 880 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Cummins were worth $1,393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Cummins by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after purchasing an additional 298,352 shares during the period. BlackRock Inc. raised its holdings in Cummins by 4.1% in the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after purchasing an additional 422,135 shares during the period. American Century Companies Inc. raised its holdings in Cummins by 2.9% during the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock valued at $439,732,000 after acquiring an additional 77,116 shares during the period. Boston Partners bought a new stake in Cummins during the third quarter valued at about $416,229,000. Finally, First Eagle Investment Management LLC raised its holdings in Cummins by 2.0% during the third quarter. First Eagle Investment Management LLC now owns 1,997,863 shares of the company’s stock valued at $335,701,000 after acquiring an additional 39,674 shares during the period. 83.85% of the stock is currently owned by institutional investors.
CMI has been the topic of a number of recent analyst reports. ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Stifel Nicolaus raised their price target on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. Deutsche Bank AG decreased their price target on Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a report on Wednesday, August 2nd. Jefferies Group LLC reissued a “hold” rating and set a $165.00 price target (up from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $159.00 price target on shares of Cummins in a report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. Cummins has an average rating of “Hold” and a consensus price target of $173.96.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The firm’s revenue was up 26.2% on a year-over-year basis. During the same quarter last year, the business posted $2.02 earnings per share. analysts expect that Cummins Inc. will post 10.19 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 2.71%. Cummins’s dividend payout ratio is currently 43.86%.
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.
What are top analysts saying about Cummins Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Cummins Inc. and related companies.