Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in Cummins Inc. (NYSE:CMI) by 89.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 162,200 shares of the company’s stock after acquiring an additional 76,400 shares during the quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned approximately 0.10% of Cummins worth $28,651,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in CMI. Alps Advisors Inc. lifted its stake in Cummins by 23.2% in the third quarter. Alps Advisors Inc. now owns 2,650 shares of the company’s stock valued at $445,000 after acquiring an additional 499 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Cummins by 0.6% in the third quarter. Ameriprise Financial Inc. now owns 1,980,849 shares of the company’s stock valued at $332,843,000 after acquiring an additional 11,714 shares during the last quarter. Macquarie Group Ltd. lifted its stake in Cummins by 26.7% in the third quarter. Macquarie Group Ltd. now owns 63,135 shares of the company’s stock valued at $10,609,000 after acquiring an additional 13,300 shares during the last quarter. Cipher Capital LP acquired a new stake in Cummins in the third quarter valued at $2,370,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Cummins in the third quarter valued at $439,000. Hedge funds and other institutional investors own 84.16% of the company’s stock.
Several equities analysts have recently weighed in on CMI shares. Seaport Global Securities reissued a “neutral” rating on shares of Cummins in a research report on Tuesday, January 16th. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Citigroup increased their price objective on shares of Cummins from $185.00 to $200.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. Morgan Stanley started coverage on shares of Cummins in a research report on Friday, March 2nd. They issued an “equal weight” rating and a $173.00 price objective on the stock. Finally, ValuEngine lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Saturday, November 25th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $186.39.
CMI stock opened at $161.00 on Wednesday. Cummins Inc. has a 1 year low of $143.83 and a 1 year high of $194.18. The company has a market cap of $26,444.71, a PE ratio of 27.06, a P/E/G ratio of 1.12 and a beta of 1.19. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.01 and a current ratio of 1.57.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $3.03 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.38. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The business had revenue of $5.48 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the firm earned $2.25 earnings per share. Cummins’s revenue for the quarter was up 21.6% compared to the same quarter last year. analysts anticipate that Cummins Inc. will post 12.55 EPS for the current year.
The firm also recently declared 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. This represents a $4.32 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is 72.61%.
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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