Jaffetilchin Investment Partners LLC bought a new position in Cummins Inc. (NYSE:CMI) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 1,752 shares of the company’s stock, valued at approximately $309,000.
Several other institutional investors have also bought and sold shares of CMI. Eaton Vance Management bought a new stake in shares of Cummins in the 2nd quarter worth $593,000. Alliancebernstein L.P. increased its holdings in shares of Cummins by 12.6% in the 2nd quarter. Alliancebernstein L.P. now owns 345,683 shares of the company’s stock worth $56,077,000 after purchasing an additional 38,745 shares in the last quarter. Stephens Inc. AR increased its holdings in shares of Cummins by 6.1% in the 2nd quarter. Stephens Inc. AR now owns 3,884 shares of the company’s stock worth $630,000 after purchasing an additional 223 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of Cummins in the 2nd quarter worth $137,000. Finally, BlackRock Inc. increased its holdings in shares of Cummins by 4.1% in the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after purchasing an additional 422,135 shares in the last quarter. 82.31% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on CMI. Zacks Investment Research lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Barclays began coverage on Cummins in a report on Tuesday, December 12th. They issued an “equal weight” rating and a $180.00 target price for the company. Piper Jaffray Companies set a $175.00 target price on Cummins and gave the stock a “hold” rating in a report on Sunday, December 10th. Oppenheimer began coverage on Cummins in a report on Thursday, December 7th. They issued an “outperform” rating and a $192.00 target price for the company. Finally, Goldman Sachs Group lowered Cummins from a “buy” rating to a “neutral” rating and set a $180.00 target price for the company. in a report on Thursday, November 30th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and an average price target of $178.69.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.02 earnings per share. analysts forecast that Cummins Inc. will post 10.2 EPS for the current fiscal year.
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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