Unified Trust Company N.A. grew its holdings in Cummins Inc. (NYSE:CMI) by 7.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,816 shares of the company’s stock after acquiring an additional 1,530 shares during the quarter. Cummins accounts for approximately 1.5% of Unified Trust Company N.A.’s holdings, making the stock its 22nd largest holding. Unified Trust Company N.A.’s holdings in Cummins were worth $5,075,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the business. Loomis Sayles & Co. L P acquired a new position in Cummins during the first quarter worth $154,145,000. Ameriprise Financial Inc. lifted its holdings in shares of Cummins by 21.1% in the 1st quarter. Ameriprise Financial Inc. now owns 1,556,866 shares of the company’s stock valued at $403,399,000 after buying an additional 270,933 shares during the period. Credit Suisse AG increased its stake in Cummins by 66.5% in the 1st quarter. Credit Suisse AG now owns 616,402 shares of the company’s stock valued at $159,715,000 after purchasing an additional 246,135 shares in the last quarter. Parnassus Investments CA increased its stake in Cummins by 82.3% in the 2nd quarter. Parnassus Investments CA now owns 410,246 shares of the company’s stock valued at $100,022,000 after purchasing an additional 185,246 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in Cummins by 15.0% during the first quarter. AQR Capital Management LLC now owns 1,135,290 shares of the company’s stock worth $294,166,000 after buying an additional 148,053 shares in the last quarter. 80.40% of the stock is owned by institutional investors.
A number of brokerages have commented on CMI. Deutsche Bank Aktiengesellschaft reduced their price objective on Cummins from $262.00 to $255.00 and set a “hold” rating on the stock in a research note on Wednesday, July 14th. Vertical Research raised Cummins from a “hold” rating to a “buy” rating and set a $280.00 target price for the company in a report on Monday, July 26th. Credit Suisse Group upped their target price on Cummins from $300.00 to $307.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 4th. Morgan Stanley cut their target price on Cummins from $264.00 to $252.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, The Goldman Sachs Group downgraded Cummins from a “buy” rating to a “neutral” rating and cut their price objective for the company from $270.00 to $230.00 in a research report on Tuesday, August 24th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $279.31.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, August 2nd. The company reported $4.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.06 by $0.04. The business had revenue of $6.10 billion for the quarter, compared to the consensus estimate of $6 billion. Cummins had a net margin of 9.52% and a return on equity of 25.26%. The company’s quarterly revenue was up 58.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.86 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 16.37 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 2nd. Stockholders of record on Friday, November 19th will be given a dividend of $1.45 per share. This represents a $5.80 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Thursday, November 18th. Cummins’s payout ratio is currently 47.62%.
Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, 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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