LPL Financial LLC grew its stake in Cummins Inc. (NYSE:CMI) by 24.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,794 shares of the company’s stock after acquiring an additional 12,540 shares during the period. LPL Financial LLC’s holdings in Cummins were worth $11,445,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Hall Laurie J Trustee grew its stake in Cummins by 841.7% in the 4th quarter. Hall Laurie J Trustee now owns 2,260 shares of the company’s stock worth $101,000 after acquiring an additional 2,020 shares in the last quarter. Risk Paradigm Group LLC bought a new position in Cummins in the 4th quarter worth about $127,000. Bank of Nova Scotia Trust Co. bought a new position in Cummins in the 3rd quarter worth about $168,000. Krilogy Financial LLC bought a new position in Cummins in the 3rd quarter worth about $168,000. Finally, EagleClaw Capital Managment LLC bought a new position in Cummins in the 3rd quarter worth about $201,000. Institutional investors and hedge funds own 84.16% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at $159.61 on Tuesday. Cummins Inc. has a 52-week low of $143.83 and a 52-week high of $194.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.01. The firm has a market cap of $26,935.13, a P/E ratio of 15.29, a PEG ratio of 1.14 and a beta of 1.19.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $3.03 EPS for the quarter, beating the Zacks’ consensus estimate of $2.65 by $0.38. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The company had revenue of $5.48 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the prior year, the company posted $2.25 earnings per share. Cummins’s revenue for the quarter was up 21.6% compared to the same quarter last year. research analysts expect that Cummins Inc. will post 12.55 earnings per share 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 given a dividend of $1.08 per share. The ex-dividend date was Thursday, February 22nd. This represents a $4.32 dividend on an annualized basis and a yield of 2.71%. Cummins’s payout ratio is 72.61%.
A number of equities analysts have commented on the stock. Citigroup upped their target price on shares of Cummins from $185.00 to $200.00 and gave the stock a “neutral” rating in a research note on Monday, February 5th. Robert W. Baird upped their target price on shares of Cummins from $157.00 to $159.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 7th. Oppenheimer assumed coverage on shares of Cummins in a research note on Thursday, December 7th. They issued an “outperform” rating and a $192.00 target price on the stock. Deutsche Bank set a $169.00 target price on shares of Cummins and gave the stock a “sell” rating in a research note on Monday, February 5th. Finally, William Blair restated a “hold” rating on shares of Cummins in a research note on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $186.39.
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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