Fort Washington Investment Advisors Inc. OH lifted its position in shares of Cummins Inc. (NYSE:CMI) by 27.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,958 shares of the company’s stock after purchasing an additional 6,222 shares during the quarter. Fort Washington Investment Advisors Inc. OH’s holdings in Cummins were worth $5,182,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CMI. TRUE Private Wealth Advisors acquired a new stake in shares of Cummins during the fourth quarter worth $26,000. Allred Capital Management LLC acquired a new stake in Cummins in the 4th quarter valued at $31,000. Simon Quick Advisors LLC acquired a new stake in Cummins in the 4th quarter valued at $42,000. Steward Partners Investment Advisory LLC increased its stake in Cummins by 31.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 258 shares of the company’s stock valued at $46,000 after buying an additional 61 shares during the last quarter. Finally, Delta Asset Management LLC TN increased its stake in Cummins by 34.2% in the 3rd quarter. Delta Asset Management LLC TN now owns 314 shares of the company’s stock valued at $51,000 after buying an additional 80 shares during the last quarter. 82.98% of the stock is currently owned by institutional investors.
Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $175.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. Raymond James assumed coverage on shares of Cummins in a research note on Wednesday, November 27th. They issued a “market perform” rating on the stock. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and set a $207.00 price target on the stock in a research note on Friday, November 8th. Credit Suisse Group lowered their price target on shares of Cummins from $214.00 to $205.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Barclays reiterated a “hold” rating and issued a $159.00 price target on shares of Cummins in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and eight have given a buy rating to the stock. Cummins has an average rating of “Hold” and a consensus price target of $178.24.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 4th. The company reported $2.56 EPS for the quarter, topping the consensus estimate of $2.42 by $0.14. The business had revenue of $5.58 billion during the quarter, compared to the consensus estimate of $5.39 billion. Cummins had a net margin of 9.59% and a return on equity of 26.49%. Cummins’s revenue was down 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.48 EPS. As a group, analysts expect that Cummins Inc. will post 12.75 EPS for the current year.
Cummins announced that its Board of Directors has approved a stock repurchase program on Tuesday, December 10th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 7.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
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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