Bedel Financial Consulting Inc. lifted its stake in Cummins Inc. (NYSE:CMI) by 2.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,675 shares of the company’s stock after purchasing an additional 210 shares during the period. Cummins accounts for 0.8% of Bedel Financial Consulting Inc.’s portfolio, making the stock its 20th largest position. Bedel Financial Consulting Inc.’s holdings in Cummins were worth $1,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Cummins by 2.3% in the second quarter. Vanguard Group Inc. now owns 12,170,719 shares of the company’s stock valued at $2,085,331,000 after purchasing an additional 276,792 shares in the last quarter. BlackRock Inc. boosted its stake in Cummins by 5.8% in the second quarter. BlackRock Inc. now owns 11,488,896 shares of the company’s stock valued at $1,968,509,000 after acquiring an additional 629,235 shares during the last quarter. American Century Companies Inc. boosted its stake in Cummins by 41.7% in the first quarter. American Century Companies Inc. now owns 3,555,700 shares of the company’s stock valued at $561,338,000 after acquiring an additional 1,046,677 shares during the last quarter. Northern Trust Corp boosted its stake in Cummins by 0.9% in the second quarter. Northern Trust Corp now owns 2,468,142 shares of the company’s stock valued at $422,891,000 after acquiring an additional 22,363 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Cummins by 173.8% in the second quarter. AQR Capital Management LLC now owns 2,366,771 shares of the company’s stock valued at $400,387,000 after acquiring an additional 1,502,462 shares during the last quarter. 82.30% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have issued reports on CMI. ValuEngine cut shares of Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Morgan Stanley reduced their price objective on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Credit Suisse Group raised their price objective on shares of Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Finally, Loop Capital cut shares of Cummins from a “hold” rating to a “sell” rating and reduced their price objective for the company from $168.00 to $145.00 in a research note on Tuesday, July 2nd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $166.67.
Shares of NYSE CMI traded up $1.84 during midday trading on Wednesday, reaching $154.98. 39,247 shares of the stock were exchanged, compared to its average volume of 1,273,056. The business has a 50-day simple moving average of $155.52 and a two-hundred day simple moving average of $161.31. The company has a market capitalization of $24.25 billion, a price-to-earnings ratio of 11.72, a P/E/G ratio of 1.59 and a beta of 1.14. Cummins Inc. has a 12 month low of $124.40 and a 12 month high of $175.91. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 1.04.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). The firm had revenue of $6.22 billion for the quarter, compared to the consensus estimate of $6.36 billion. Cummins had a return on equity of 29.75% and a net margin of 10.74%. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the prior year, the business earned $4.14 earnings per share. Equities research analysts expect that Cummins Inc. will post 15.85 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th will be given a dividend of $1.311 per share. The ex-dividend date is Wednesday, November 13th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.38%. Cummins’s dividend payout ratio is 39.61%.
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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