Public Employees Retirement System of Ohio reduced its position in Cummins Inc. (NYSE:CMI) by 1.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 84,726 shares of the company’s stock after selling 877 shares during the period. Public Employees Retirement System of Ohio owned about 0.05% of Cummins worth $14,237,000 as of its most recent filing with the SEC.
A number of other large investors have also recently modified their holdings of CMI. Boston Partners acquired a new stake in Cummins in the 3rd quarter valued at about $416,229,000. AJO LP lifted its stake in Cummins by 11,096.3% in the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after purchasing an additional 1,139,586 shares during the last quarter. Franklin Resources Inc. lifted its stake in Cummins by 434.1% in the 2nd quarter. Franklin Resources Inc. now owns 1,380,233 shares of the company’s stock valued at $223,902,000 after purchasing an additional 1,121,833 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Cummins by 82.5% during the second quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock worth $319,426,000 after acquiring an additional 890,404 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Cummins by 784.9% during the second quarter. Janus Henderson Group PLC now owns 784,776 shares of the company’s stock worth $127,307,000 after acquiring an additional 696,090 shares during the last quarter. Institutional investors and hedge funds own 82.31% of the company’s stock.
CMI has been the subject of several research reports. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. BMO Capital Markets raised their price objective on shares of Cummins from $185.00 to $190.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 8th. Goldman Sachs Group downgraded shares of Cummins from a “buy” rating to a “neutral” rating and set a $180.00 price objective for the company. in a research report on Thursday, November 30th. Buckingham Research initiated coverage on shares of Cummins in a research report on Tuesday, September 5th. They set a “buy” rating and a $180.00 price objective for the company. Finally, Piper Jaffray Companies set a $170.00 price objective on shares of Cummins and gave the stock a “hold” rating in a research report on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $178.69.
Cummins (NYSE:CMI) last announced its 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. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. During the same period last year, the firm earned $2.02 earnings per share. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. research analysts predict that Cummins Inc. will post 10.19 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were paid a $1.08 dividend. The ex-dividend date was Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.51%. Cummins’s dividend payout ratio (DPR) is 43.90%.
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Cummins Company Profile
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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