Prudential Financial Inc. lifted its position in Cummins Inc. (NYSE:CMI) by 44.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 769,014 shares of the company’s stock after acquiring an additional 235,092 shares during the period. Prudential Financial Inc. owned 0.46% of Cummins worth $129,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of CMI. United Asset Strategies Inc. purchased a new position in Cummins during the third quarter worth approximately $402,000. West Coast Financial LLC raised its position in Cummins by 4.4% in the third quarter. West Coast Financial LLC now owns 22,764 shares of the company’s stock valued at $3,825,000 after purchasing an additional 962 shares during the period. State of Wisconsin Investment Board raised its position in Cummins by 7.7% in the third quarter. State of Wisconsin Investment Board now owns 143,147 shares of the company’s stock valued at $24,053,000 after purchasing an additional 10,184 shares during the period. SFE Investment Counsel raised its position in Cummins by 17.5% in the third quarter. SFE Investment Counsel now owns 6,177 shares of the company’s stock valued at $1,038,000 after purchasing an additional 921 shares during the period. Finally, Mn Services Vermogensbeheer B.V. raised its position in Cummins by 1.5% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 26,337 shares of the company’s stock valued at $4,425,000 after purchasing an additional 400 shares during the period. 84.48% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE:CMI) opened at $163.39 on Thursday. Cummins Inc. has a fifty-two week low of $134.06 and a fifty-two week high of $181.79. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $26,661.02, a price-to-earnings ratio of 16.31, a PEG ratio of 1.30 and a beta of 1.16.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.24. The business 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 business’s revenue was up 26.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.02 earnings per share. research analysts expect that Cummins Inc. will post 10.19 EPS for the current fiscal year.
The company also recently announced 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. This represents a $4.32 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is currently 43.86%.
Several research firms recently commented on CMI. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Royal Bank Of Canada upped their price objective on Cummins from $169.00 to $173.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 2nd. Robert W. Baird reaffirmed a “sell” rating and set a $153.00 price objective on shares of Cummins in a research report on Thursday, October 12th. Jefferies Group LLC reissued a “hold” rating and issued a $165.00 target price on shares of Cummins in a research report on Thursday, September 7th. Finally, ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. 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. The company presently has an average rating of “Hold” and an average price target of $173.96.
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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