Pacer Advisors Inc. raised its position in Cummins Inc. (NYSE:CMI) by 19.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,955 shares of the company’s stock after acquiring an additional 7,496 shares during the quarter. Pacer Advisors Inc.’s holdings in Cummins were worth $7,475,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of CMI. First Trust Advisors LP lifted its stake in Cummins by 165.9% in the first quarter. First Trust Advisors LP now owns 614,285 shares of the company’s stock worth $96,977,000 after acquiring an additional 383,230 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new position in Cummins in the first quarter worth approximately $128,000. Amundi Pioneer Asset Management Inc. lifted its stake in Cummins by 0.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,520,785 shares of the company’s stock worth $240,086,000 after acquiring an additional 10,845 shares during the last quarter. Hancock Whitney Corp lifted its stake in Cummins by 10.3% in the first quarter. Hancock Whitney Corp now owns 11,481 shares of the company’s stock worth $1,812,000 after acquiring an additional 1,072 shares during the last quarter. Finally, Wealthfront Advisers LLC lifted its stake in Cummins by 22.6% in the first quarter. Wealthfront Advisers LLC now owns 3,662 shares of the company’s stock worth $578,000 after acquiring an additional 676 shares during the last quarter. Institutional investors own 82.30% of the company’s stock.
A number of brokerages recently issued reports on CMI. Morgan Stanley decreased their price target on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 31st. Credit Suisse Group lifted their price target on shares of Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. ValuEngine downgraded shares of Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Finally, Loop Capital downgraded shares of Cummins from a “hold” rating to a “sell” rating and reduced their price objective for the stock from $168.00 to $145.00 in a research report on Tuesday, July 2nd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. Cummins currently has an average rating of “Hold” and a consensus target price of $167.09.
Shares of NYSE:CMI traded up $5.91 during trading on Friday, hitting $162.96. 9,063 shares of the company were exchanged, compared to its average volume of 1,263,544. The stock has a market capitalization of $24.78 billion, a P/E ratio of 12.32, a PEG ratio of 1.54 and a beta of 1.14. 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 Inc. has a 12-month low of $124.40 and a 12-month high of $175.91. The firm’s 50 day moving average price is $155.83 and its 200-day moving average price is $161.30.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 earnings per share for the quarter, missing the consensus estimate of $4.38 by ($0.11). The company had revenue of $6.22 billion for the quarter, compared to analysts’ expectations of $6.36 billion. Cummins had a return on equity of 29.75% and a net margin of 10.74%. The firm’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.14 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 15.85 EPS for the current year.
The business also recently disclosed 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 annualized dividend and a dividend yield of 3.22%. Cummins’s dividend payout ratio is presently 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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