Pendal Group Ltd Raises Stake in Cummins Inc. (NYSE:CMI)

Pendal Group Ltd lifted its position in Cummins Inc. (NYSE:CMI) by 338.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,011 shares of the company’s stock after acquiring an additional 35,511 shares during the quarter. Pendal Group Ltd’s holdings in Cummins were worth $7,884,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CMI. Gradient Investments LLC raised its holdings in Cummins by 102.8% in the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after purchasing an additional 74 shares in the last quarter. Guidant Wealth Advisors bought a new position in Cummins in the first quarter worth about $29,000. SeaBridge Investment Advisors LLC bought a new position in Cummins in the first quarter worth about $32,000. Meridian Wealth Management LLC bought a new position in Cummins in the first quarter worth about $32,000. Finally, Sonora Investment Management LLC bought a new position in Cummins in the second quarter worth about $32,000. Hedge funds and other institutional investors own 81.51% of the company’s stock.

A number of brokerages have commented on CMI. Loop Capital downgraded shares of Cummins from a “hold” rating to a “sell” rating and reduced their target price for the stock from $168.00 to $145.00 in a report on Tuesday, July 2nd. Citigroup upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $155.00 to $190.00 in a report on Tuesday, April 16th. UBS Group upped their price objective on shares of Cummins from $130.00 to $135.00 and gave the company a “sell” rating in a report on Wednesday, May 1st. Wells Fargo & Co cut their price objective on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a report on Monday, June 3rd. Finally, Credit Suisse Group upped their price objective on shares of Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $166.67.

NYSE CMI traded up $3.11 during trading hours on Tuesday, reaching $151.27. The stock had a trading volume of 1,160,825 shares, compared to its average volume of 1,310,556. The company’s fifty day moving average is $166.56. The stock has a market cap of $23.53 billion, a PE ratio of 11.43, a P/E/G ratio of 1.18 and a beta of 1.14. Cummins Inc. has a 52-week low of $124.40 and a 52-week high of $175.91. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.18.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the Zacks’ consensus estimate of $4.38 by ($0.11). The firm had revenue of $6.22 billion during the quarter, compared to analysts’ expectations of $6.36 billion. Cummins had a net margin of 10.74% and a return on equity of 29.75%. Cummins’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.14 EPS. On average, equities analysts forecast that Cummins Inc. will post 15.84 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st will be given a $1.311 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $5.24 dividend on an annualized basis and a yield of 3.47%. This is a positive change from Cummins’s previous quarterly dividend of $1.14. Cummins’s dividend payout ratio is currently 34.47%.

Cummins Company Profile

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.

See Also: SEC Filing

Institutional Ownership by Quarter for Cummins (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.