Teachers Advisors LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 1.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 598,279 shares of the company’s stock after selling 9,823 shares during the period. Teachers Advisors LLC’s holdings in Cummins were worth $105,680,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Captrust Financial Advisors bought a new position in Cummins during the 4th quarter worth $294,000. Raymond James & Associates grew its stake in shares of Cummins by 18.4% in the fourth quarter. Raymond James & Associates now owns 244,327 shares of the company’s stock worth $43,158,000 after purchasing an additional 37,960 shares in the last quarter. HBK Investments L P grew its stake in shares of Cummins by 565.5% in the fourth quarter. HBK Investments L P now owns 57,899 shares of the company’s stock worth $10,227,000 after purchasing an additional 49,199 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Cummins by 5.2% in the fourth quarter. California State Teachers Retirement System now owns 293,758 shares of the company’s stock worth $51,889,000 after purchasing an additional 14,627 shares in the last quarter. Finally, Two Sigma Advisers LP grew its stake in shares of Cummins by 50.6% in the fourth quarter. Two Sigma Advisers LP now owns 1,182,982 shares of the company’s stock worth $208,962,000 after purchasing an additional 397,247 shares in the last quarter. Hedge funds and other institutional investors own 84.20% of the company’s stock.
Several research firms have recently issued reports on CMI. Oppenheimer increased their price target on Cummins to $207.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. Wells Fargo & Co reissued a “buy” rating and issued a $195.00 price target (down previously from $210.00) on shares of Cummins in a research note on Thursday, February 22nd. Deutsche Bank set a $169.00 price target on Cummins and gave the stock a “sell” rating in a research note on Monday, February 5th. Credit Suisse Group decreased their price target on Cummins from $208.00 to $205.00 and set an “outperform” rating for the company in a research note on Wednesday, February 7th. Finally, Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $193.00 price target for the company in a research note on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $187.61.
Cummins Inc. (NYSE:CMI) opened at $160.35 on Wednesday. Cummins Inc. has a 52 week low of $143.83 and a 52 week high of $194.18. The firm has a market capitalization of $26,519.27, a PE ratio of 15.06, a P/E/G ratio of 1.12 and a beta of 1.19. The company has a current ratio of 1.57, a quick ratio of 1.01 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $3.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.65 by $0.38. Cummins had a return on equity of 22.18% and a net margin of 4.89%. The business had revenue of $5.48 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the business posted $2.25 earnings per share. The company’s quarterly revenue was up 21.6% on a year-over-year basis. equities analysts forecast that Cummins Inc. will post 12.55 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 8th. Investors of record on Friday, February 23rd were paid a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $4.32 annualized dividend and a yield of 2.69%. Cummins’s dividend payout ratio is currently 72.61%.
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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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