Oakbrook Investments LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 14,675 shares of the company’s stock, valued at approximately $2,514,000.
A number of other large investors have also recently modified their holdings of the business. Ronna Sue Cohen lifted its holdings in shares of Cummins by 16,590.4% in the first quarter. Ronna Sue Cohen now owns 2,152,730 shares of the company’s stock worth $2,153,000 after buying an additional 2,139,832 shares in the last quarter. Norges Bank purchased a new stake in Cummins during the fourth quarter valued at $232,262,000. American Century Companies Inc. raised its stake in Cummins by 41.7% during the first quarter. American Century Companies Inc. now owns 3,555,700 shares of the company’s stock valued at $561,338,000 after purchasing an additional 1,046,677 shares in the last quarter. Miller Howard Investments Inc. NY raised its stake in Cummins by 2,124.6% during the first quarter. Miller Howard Investments Inc. NY now owns 485,381 shares of the company’s stock valued at $76,627,000 after purchasing an additional 463,562 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in Cummins by 165.9% during the first quarter. First Trust Advisors LP now owns 614,285 shares of the company’s stock valued at $96,977,000 after purchasing an additional 383,230 shares in the last quarter. 81.06% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms recently issued reports on CMI. Stifel Nicolaus upped their price target on shares of Zendesk from $75.00 to $83.00 and gave the company a “hold” rating in a research note on Wednesday, May 1st. Evercore ISI reiterated an “in-line” rating and set a $31.00 price objective (down previously from $40.00) on shares of Terex in a research report on Friday, May 31st. UBS Group cut shares of Advanced Disposal Services from a “buy” rating to a “neutral” rating and set a $33.00 price objective on the stock. in a research report on Wednesday, May 1st. They noted that the move was a valuation call. Buckingham Research upped their price target on shares of PulteGroup from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Zacks Investment Research cut shares of Inflarx from a “buy” rating to a “hold” rating in a report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $165.73.
Shares of CMI stock traded down $0.16 during mid-day trading on Friday, hitting $174.80. 67,517 shares of the stock traded hands, compared to its average volume of 1,116,615. The stock has a market capitalization of $27.62 billion, a PE ratio of 13.21, a P/E/G ratio of 1.34 and a beta of 1.17. The stock’s fifty day moving average price is $168.45. Cummins Inc. has a 52-week low of $124.40 and a 52-week high of $175.91. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.96 and a current ratio of 1.57.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $4.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.51 by $0.69. Cummins had a net margin of 10.24% and a return on equity of 30.72%. The firm had revenue of $6 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period last year, the firm posted $3.30 EPS. Cummins’s revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts expect that Cummins Inc. will post 16.27 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st will be paid a dividend of $1.311 per share. This is a boost from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.00%. Cummins’s dividend payout ratio (DPR) is presently 34.47%.
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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