Cummins Inc. (CMI) Stake Raised by Prudential Financial Inc.
Prudential Financial Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 73.4% during the third quarter, according to its most recent filing with the SEC. The fund owned 616,740 shares of the company’s stock after buying an additional 261,012 shares during the period. Prudential Financial Inc.’s holdings in Cummins were worth $79,035,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of CMI. First Manhattan Co. boosted its position in shares of Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock valued at $107,000 after buying an additional 71 shares during the period. BlueMountain Capital Management LLC purchased a new stake in Cummins during the second quarter worth approximately $109,000. Penserra Capital Management LLC boosted its stake in Cummins by 100.0% in the third quarter. Penserra Capital Management LLC now owns 972 shares of the company’s stock worth $124,000 after buying an additional 486 shares during the last quarter. Signaturefd LLC boosted its stake in Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock worth $125,000 after buying an additional 162 shares during the last quarter. Finally, Kanaly Trust Co boosted its stake in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock worth $125,000 after buying an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 79.62% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) opened at 138.22 on Wednesday. The company has a 50 day moving average price of $130.55 and a 200 day moving average price of $121.95. The company has a market capitalization of $23.17 billion, a P/E ratio of 20.09 and a beta of 1.32. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $141.65.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 1st. The company reported $2.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.96 by $0.06. Cummins had a return on equity of 19.47% and a net margin of 6.62%. The firm earned $4.49 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the prior year, the company earned $2.14 EPS. The firm’s revenue was down 9.4% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post $8.17 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be paid a $1.025 dividend. This is an increase from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Thursday, November 17th. Cummins’s dividend payout ratio is currently 59.33%.
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A number of research firms have commented on CMI. Vetr cut shares of Cummins from a “strong-buy” rating to a “buy” rating and set a $140.84 target price on the stock. in a research note on Monday, November 7th. William Blair set a $110.00 target price on shares of Cummins and gave the stock a “hold” rating in a research note on Thursday, September 8th. Jefferies Group raised their target price on shares of Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a research note on Thursday, September 1st. BMO Capital Markets reaffirmed a “market perform” rating and set a $114.00 price objective on shares of Cummins in a report on Monday, September 12th. Finally, Evercore ISI raised shares of Cummins from a “hold” rating to a “buy” rating and increased their price objective for the company from $113.00 to $144.00 in a report on Monday, November 7th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have given a buy rating to the stock. Cummins currently has a consensus rating of “Hold” and an average target price of $118.99.
In other Cummins news, CAO Marya M. Rose sold 5,450 shares of the company’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $136.40, for a total value of $743,380.00. Following the completion of the sale, the chief accounting officer now directly owns 20,193 shares in the company, valued at approximately $2,754,325.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Marsha L. Hunt sold 5,910 shares of the company’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $128.10, for a total value of $757,071.00. Following the completion of the sale, the vice president now owns 4,382 shares of the company’s stock, valued at $561,334.20. The disclosure for this sale can be found here. 0.57% of the stock is owned by corporate insiders.
Cummins Company Profile
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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