Mitsubishi UFJ Trust & Banking Corp boosted its stake in Cummins Inc. (NYSE:CMI) by 0.2% in the 1st quarter, Holdings Channel.com reports. The firm owned 214,143 shares of the company’s stock after acquiring an additional 490 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Cummins were worth $52,002,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of CMI. CVA Family Office LLC acquired a new position in Cummins in the 1st quarter valued at approximately $25,000. Ellevest Inc. acquired a new position in Cummins in the 4th quarter valued at approximately $28,000. Montag A & Associates Inc. acquired a new position in Cummins in the 4th quarter valued at approximately $29,000. Veritas Investment Partners UK Ltd. acquired a new position in Cummins in the 4th quarter valued at approximately $31,000. Finally, Regent Peak Wealth Advisors LLC acquired a new position in Cummins in the 4th quarter valued at approximately $32,000. 80.20% of the stock is owned by institutional investors and hedge funds.
CMI has been the subject of several recent research reports. Robert W. Baird restated a “hold” rating on shares of Cummins in a research report on Thursday, May 6th. Jefferies Financial Group upgraded shares of Cummins from a “hold” rating to a “buy” rating and upped their price target for the company from $250.00 to $325.00 in a research report on Thursday, March 4th. BMO Capital Markets upped their price target on shares of Cummins from $235.00 to $270.00 and gave the company a “market perform” rating in a research report on Thursday, May 6th. Bank of America upgraded shares of Cummins from a “neutral” rating to a “buy” rating and set a $325.00 price objective for the company in a research report on Monday, May 17th. Finally, Citigroup increased their price objective on shares of Cummins from $265.00 to $315.00 in a research report on Tuesday, March 16th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. Cummins presently has an average rating of “Hold” and a consensus target price of $261.70.
Cummins (NYSE:CMI) last released 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 company had revenue of $6.09 billion for the quarter, compared to analyst estimates of $5.38 billion. During the same period last year, the firm earned $3.18 earnings per share. The firm’s revenue was up 21.6% on a year-over-year basis. As a group, analysts predict that Cummins Inc. will post 15.96 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 3rd. Investors of record on Friday, May 21st were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Thursday, May 20th. Cummins’s payout ratio is currently 44.33%.
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.
See Also: Quantitative Easing
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.