MU Investments Co. Ltd. lessened its position in Cummins Inc. (NYSE:CMI – Free Report) by 0.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,910 shares of the company’s stock after selling 100 shares during the period. Cummins comprises 4.0% of MU Investments Co. Ltd.’s portfolio, making the stock its 16th largest holding. MU Investments Co. Ltd.’s holdings in Cummins were worth $3,124,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. lifted its position in Cummins by 5.6% during the first quarter. BlackRock Inc. now owns 12,218,003 shares of the company’s stock valued at $2,918,637,000 after purchasing an additional 645,553 shares during the period. State Street Corp raised its position in Cummins by 3.0% in the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock worth $1,548,473,000 after acquiring an additional 191,776 shares during the period. Price T Rowe Associates Inc. MD raised its position in Cummins by 5.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,507,087 shares of the company’s stock worth $1,334,312,000 after acquiring an additional 266,704 shares during the period. Charles Schwab Investment Management Inc. raised its position in Cummins by 10.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,026,788 shares of the company’s stock worth $733,360,000 after acquiring an additional 287,870 shares during the period. Finally, Geode Capital Management LLC raised its position in Cummins by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 2,939,502 shares of the company’s stock worth $710,947,000 after acquiring an additional 70,040 shares during the period. Institutional investors own 81.81% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on CMI shares. Credit Suisse Group decreased their price target on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. 888 reiterated a “maintains” rating on shares of Cummins in a research report on Wednesday, May 31st. Citigroup increased their price objective on shares of Cummins from $265.00 to $290.00 and gave the stock a “buy” rating in a research note on Tuesday, July 18th. StockNews.com started coverage on shares of Cummins in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Finally, The Goldman Sachs Group increased their price objective on shares of Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $266.17.
Cummins Price Performance
Shares of NYSE:CMI traded down $1.74 on Tuesday, reaching $236.60. The company’s stock had a trading volume of 206,992 shares, compared to its average volume of 963,815. Cummins Inc. has a 52-week low of $200.40 and a 52-week high of $265.28. The company has a market cap of $33.51 billion, a P/E ratio of 13.36, a PEG ratio of 1.16 and a beta of 1.07. The company has a 50-day simple moving average of $243.08 and a 200 day simple moving average of $234.73. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.85 and a current ratio of 1.40.
Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $5.18 EPS for the quarter, missing analysts’ consensus estimates of $5.19 by ($0.01). Cummins had a return on equity of 25.46% and a net margin of 7.89%. The business had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.39 billion. During the same period in the previous year, the business earned $4.77 earnings per share. The business’s quarterly revenue was up 30.6% on a year-over-year basis. As a group, equities research analysts anticipate that Cummins Inc. will post 19.91 EPS for the current fiscal year.
Cummins Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Friday, August 25th were paid a $1.68 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.57. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend was Thursday, August 24th. Cummins’s dividend payout ratio (DPR) is presently 37.65%.
Cummins Company Profile
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.
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