Cornerstone Capital Management Holdings LLC. boosted its position in Cummins Inc. (NYSE:CMI) by 9.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 289,796 shares of the company’s stock after purchasing an additional 26,092 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Cummins were worth $51,188,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of CMI. Hall Laurie J Trustee grew its position 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 purchasing an additional 2,020 shares in the last quarter. Risk Paradigm Group LLC bought a new stake in Cummins in the 4th quarter worth about $127,000. Bank of Nova Scotia Trust Co. bought a new stake in Cummins in the 3rd quarter worth about $168,000. Krilogy Financial LLC bought a new stake in Cummins in the 3rd quarter worth about $168,000. Finally, EagleClaw Capital Managment LLC bought a new stake in Cummins in the 3rd quarter worth about $201,000. 84.20% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on CMI shares. Bank of America raised shares of Cummins from a “neutral” rating to a “buy” rating and set a $215.00 price objective for the company in a research report on Friday, January 19th. Morgan Stanley assumed coverage on shares of Cummins in a research report on Friday, March 2nd. They set an “equal weight” rating and a $173.00 target price for the company. Seaport Global Securities reissued a “neutral” rating on shares of Cummins in a research report on Tuesday, January 16th. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Saturday, November 25th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $187.61.
Cummins (NYSE:CMI) last announced its quarterly 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. The company had revenue of $5.48 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Cummins had a net margin of 4.89% and a return on equity of 22.18%. Cummins’s revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.25 EPS. research analysts predict that Cummins Inc. will post 12.55 earnings per share for the current fiscal year.
The firm also recently declared 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. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is currently 72.61%.
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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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