Fort L.P. increased its stake in shares of Cummins Inc. (NYSE:CMI) by 21.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,279 shares of the company’s stock after acquiring an additional 2,664 shares during the period. Fort L.P.’s holdings in Cummins were worth $2,068,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Park Avenue Securities LLC boosted its holdings in shares of Cummins by 26.1% in the 4th quarter. Park Avenue Securities LLC now owns 1,581 shares of the company’s stock valued at $283,000 after purchasing an additional 327 shares in the last quarter. Aigen Investment Management LP acquired a new stake in shares of Cummins during the 4th quarter valued at $29,000. Victory Capital Management Inc. raised its position in Cummins by 8.1% during the 4th quarter. Victory Capital Management Inc. now owns 385,568 shares of the company’s stock worth $61,679,000 after purchasing an additional 28,861 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in Cummins by 13.8% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 31,730 shares of the company’s stock worth $5,610,000 after purchasing an additional 3,850 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in Cummins by 7.1% during the 4th quarter. New York State Common Retirement Fund now owns 333,111 shares of the company’s stock worth $59,614,000 after purchasing an additional 22,069 shares during the last quarter. Institutional investors and hedge funds own 80.97% of the company’s stock.
CMI has been the subject of several analyst reports. Oppenheimer reaffirmed a “hold” rating on shares of Cummins in a research report on Tuesday, April 28th. Wells Fargo & Co raised their target price on Cummins from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. lowered their target price on Cummins from $170.00 to $145.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Morgan Stanley raised their target price on Cummins from $125.00 to $152.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 29th. Finally, Citigroup raised their target price on Cummins from $175.00 to $182.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $169.19.
Shares of CMI traded down $8.22 during trading hours on Thursday, hitting $167.99. The stock had a trading volume of 60,876 shares, compared to its average volume of 1,479,368. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.40 and a quick ratio of 0.89. The firm has a 50 day simple moving average of $160.66 and a 200-day simple moving average of $161.58. The firm has a market capitalization of $26.71 billion, a P/E ratio of 12.40, a price-to-earnings-growth ratio of 3.72 and a beta of 1.15. Cummins Inc. has a 1-year low of $101.03 and a 1-year high of $186.73.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, April 28th. The company reported $3.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.18 by $1.00. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.87 billion. Cummins had a return on equity of 24.86% and a net margin of 9.34%. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year. During the same period last year, the business posted $4.20 EPS. Equities analysts predict that Cummins Inc. will post 7.45 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were paid a dividend of $1.311 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $5.24 dividend on an annualized basis and a yield of 3.12%. Cummins’s dividend payout ratio (DPR) is currently 34.82%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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