IFG Advisory LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 6,048 shares of the company’s stock, valued at approximately $296,000.
A number of other hedge funds also recently made changes to their positions in the business. Boston Partners bought a new stake in Cummins in the third quarter valued at approximately $416,229,000. APG Asset Management N.V. lifted its position in Cummins by 5.4% in the fourth quarter. APG Asset Management N.V. now owns 2,065,872 shares of the company’s stock valued at $303,894,000 after purchasing an additional 105,100 shares during the last quarter. First Eagle Investment Management LLC lifted its position in Cummins by 2.0% in 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 purchasing an additional 39,674 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Cummins by 0.6% in the third quarter. Ameriprise Financial Inc. now owns 1,980,849 shares of the company’s stock valued at $332,843,000 after purchasing an additional 11,714 shares during the last quarter. Finally, Investec Asset Management LTD lifted its position in Cummins by 14.7% in the third quarter. Investec Asset Management LTD now owns 1,939,429 shares of the company’s stock valued at $325,882,000 after purchasing an additional 249,170 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.
Several analysts have weighed in on CMI shares. Argus boosted their price objective on Cummins from $172.00 to $195.00 and gave the company a “buy” rating in a research report on Monday, November 6th. Buckingham Research boosted their price objective on Cummins from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Wednesday, November 1st. Bank of America upgraded Cummins from a “neutral” rating to a “buy” rating and set a $215.00 price objective for the company in a research report on Friday, January 19th. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Barclays began coverage on Cummins in a research note on Tuesday, December 12th. They set an “equal weight” rating and a $180.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have issued a buy rating to the company’s stock. Cummins presently has an average rating of “Hold” and an average price target of $182.07.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.02 earnings per share. analysts predict that Cummins Inc. will post 10.22 EPS for the current year.
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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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