California State Teachers Retirement System reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 7.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 279,131 shares of the company’s stock after selling 21,607 shares during the quarter. California State Teachers Retirement System owned about 0.17% of Cummins worth $46,902,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. Boston Partners purchased a new position in shares of Cummins in the third quarter valued at $416,229,000. AJO LP grew its holdings in shares of Cummins by 11,096.3% in the second 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 in the last quarter. Franklin Resources Inc. grew its holdings in shares of Cummins by 434.1% in the second 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 in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Cummins by 82.5% in the second quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock valued at $319,426,000 after purchasing an additional 890,404 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Cummins by 784.9% in the second quarter. Janus Henderson Group PLC now owns 784,776 shares of the company’s stock valued at $127,307,000 after purchasing an additional 696,090 shares in the last quarter. 82.50% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on CMI. Piper Jaffray Companies set a $175.00 target price on shares of Cummins and gave the company a “hold” rating in a report on Sunday, December 10th. Barclays began coverage on shares of Cummins in a report on Tuesday. They issued an “equal weight” rating and a $180.00 target price for the company. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $188.00 target price for the company in a report on Monday, October 2nd. Oppenheimer began coverage on shares of Cummins in a report on Thursday, December 7th. They issued an “outperform” rating and a $192.00 target price for the company. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $190.00 target price (up from $186.00) on shares of Cummins in a report on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $178.69.
Shares of Cummins Inc. (NYSE CMI) opened at $168.55 on Friday. The stock has a market capitalization of $28,144.77, a price-to-earnings ratio of 17.22, a P/E/G ratio of 1.40 and a beta of 1.13. Cummins Inc. has a 52-week low of $134.06 and a 52-week high of $181.79. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.03.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.24. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. Cummins’s revenue was up 26.2% on a year-over-year basis. During the same period last year, the company earned $2.02 earnings per share. analysts anticipate that Cummins Inc. will post 10.19 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were given a $1.08 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.56%. Cummins’s dividend payout ratio is presently 43.86%.
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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