Rodgers Brothers Inc. Decreases Position in Cummins Inc. (NYSE:CMI)

Rodgers Brothers Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 1.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,245 shares of the company’s stock after selling 200 shares during the quarter. Rodgers Brothers Inc.’s holdings in Cummins were worth $2,655,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CMI. BlackRock Inc. lifted its stake in Cummins by 5.3% in the 1st quarter. BlackRock Inc. now owns 13,717,674 shares of the company’s stock worth $3,554,386,000 after purchasing an additional 686,581 shares in the last quarter. Norges Bank purchased a new position in Cummins in the 4th quarter worth approximately $450,351,000. Ameriprise Financial Inc. lifted its stake in Cummins by 21.1% in the 1st quarter. Ameriprise Financial Inc. now owns 1,556,866 shares of the company’s stock worth $403,399,000 after purchasing an additional 270,933 shares in the last quarter. Amundi Asset Management US Inc. lifted its stake in Cummins by 11.1% in the 1st quarter. Amundi Asset Management US Inc. now owns 1,474,569 shares of the company’s stock worth $382,228,000 after purchasing an additional 146,777 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Cummins by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,423,189 shares of the company’s stock worth $368,832,000 after buying an additional 25,477 shares during the last quarter. 79.94% of the stock is currently owned by hedge funds and other institutional investors.

CMI traded down $2.32 on Thursday, reaching $237.06. The company had a trading volume of 3,540 shares, compared to its average volume of 853,456. Cummins Inc. has a 1 year low of $185.05 and a 1 year high of $277.09. The company has a market cap of $34.74 billion, a PE ratio of 18.92, a PEG ratio of 1.31 and a beta of 1.07. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.82 and a quick ratio of 1.26. The stock’s 50-day simple moving average is $248.18.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Monday, May 3rd. The company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.57. Cummins had a net margin of 9.00% and a return on equity of 22.10%. The firm had revenue of $6.09 billion during the quarter, compared to analysts’ expectations of $5.38 billion. During the same period in the previous year, the company earned $3.18 earnings per share. Cummins’s quarterly revenue was up 21.6% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 16.21 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 2nd. Shareholders of record on Friday, August 20th will be paid a $1.45 dividend. The ex-dividend date is Thursday, August 19th. This is a positive change from Cummins’s previous quarterly dividend of $1.35. This represents a $5.80 dividend on an annualized basis and a yield of 2.45%. Cummins’s payout ratio is currently 44.33%.

A number of brokerages have recently issued reports on CMI. BMO Capital Markets raised their price target on shares of Cummins from $235.00 to $270.00 and gave the stock a “market perform” rating in a report on Thursday, May 6th. Robert W. Baird restated a “hold” rating on shares of Cummins in a report on Thursday, May 6th. Cowen upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $284.00 price target for the company in a report on Friday, July 16th. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $251.00 target price for the company. in a report on Thursday, July 15th. Finally, Credit Suisse Group lifted their target price on shares of Cummins from $285.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $267.35.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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