Dimensional Fund Advisors LP Has $104,316,000 Position in Cummins Inc. (CMI)
Dimensional Fund Advisors LP increased its position in shares of Cummins Inc. (NYSE:CMI) by 6.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 927,832 shares of the company’s stock after buying an additional 52,570 shares during the period. Dimensional Fund Advisors LP owned 0.55% of Cummins worth $104,316,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Norges Bank bought a new position in Cummins during the fourth quarter worth $178,061,000. First Eagle Investment Management LLC increased its position in shares of Cummins by 0.3% in the second quarter. First Eagle Investment Management LLC now owns 1,921,998 shares of the company’s stock valued at $216,109,000 after buying an additional 4,812 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cummins by 4.9% in the first quarter. Geode Capital Management LLC now owns 1,490,520 shares of the company’s stock valued at $163,573,000 after buying an additional 69,464 shares in the last quarter. BlackRock Group LTD increased its position in shares of Cummins by 7.5% in the first quarter. BlackRock Group LTD now owns 1,451,567 shares of the company’s stock valued at $159,585,000 after buying an additional 100,874 shares in the last quarter. Finally, Schroder Investment Management Group increased its position in shares of Cummins by 28.6% in the second quarter. Schroder Investment Management Group now owns 1,299,281 shares of the company’s stock valued at $146,091,000 after buying an additional 288,642 shares in the last quarter. Hedge funds and other institutional investors own 81.44% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.23% during midday trading on Monday, reaching $119.83. The company had a trading volume of 268,576 shares. The company has a 50 day moving average of $123.81 and a 200 day moving average of $114.97. Cummins Inc. has a one year low of $79.88 and a one year high of $127.64. The company has a market capitalization of $20.13 billion, a PE ratio of 16.41 and a beta of 1.48.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.25. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The business earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same period in the prior year, the company earned $2.62 earnings per share. Cummins’s revenue was down 9.7% compared to the same quarter last year. Analysts predict that Cummins Inc. will post $8.14 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Monday, August 22nd were given a dividend of $0.975 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $3.90 annualized dividend and a dividend yield of 3.25%. Cummins’s dividend payout ratio is currently 55.93%.
Several research analysts have recently commented on CMI shares. Jefferies Group reiterated a “hold” rating and set a $115.00 target price on shares of Cummins in a research note on Thursday, July 7th. Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Citigroup Inc. lifted their target price on Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Deutsche Bank AG started coverage on Cummins in a research note on Tuesday, September 6th. They set a “sell” rating and a $111.00 target price for the company. Finally, William Blair set a $110.00 target price on Cummins and gave the stock a “hold” rating in a research note on Thursday, September 8th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the stock. Cummins currently has an average rating of “Hold” and an average price target of $104.37.
In other Cummins news, insider Jill E. Cook sold 5,981 shares of the stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total transaction of $718,916.20. Following the sale, the insider now owns 24,800 shares in the company, valued at $2,980,960. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Thaddeus B. Ewald sold 820 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $126.95, for a total value of $104,099.00. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
Cummins Company Profile
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets.
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