Candriam Luxembourg S.C.A. Has $14.18 Million Stake in Cummins Inc. (CMI)
Candriam Luxembourg S.C.A. lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 41.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 84,366 shares of the company’s stock after selling 58,785 shares during the quarter. Candriam Luxembourg S.C.A. owned approximately 0.05% of Cummins worth $14,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. BlackRock Inc. boosted its position in Cummins by 2,874.8% in the 1st quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares during the period. Boston Partners bought a new position in shares of Cummins during the 3rd quarter worth approximately $416,229,000. AJO LP increased its stake in Cummins by 11,096.3% during the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after purchasing an additional 1,139,586 shares in the last quarter. Franklin Resources Inc. increased its stake in Cummins by 434.1% during the 2nd quarter. Franklin Resources Inc. now owns 1,380,233 shares of the company’s stock valued at $223,902,000 after purchasing an additional 1,121,833 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Cummins by 82.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock valued at $319,426,000 after purchasing an additional 890,404 shares in the last quarter. Institutional investors own 81.94% of the company’s stock.
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Shares of Cummins Inc. (NYSE CMI) traded up $0.99 on Friday, reaching $168.95. 1,265,872 shares of the company’s stock traded hands, compared to its average volume of 1,308,241. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19. The firm has a market cap of $27,875.90, a PE ratio of 17.05, a P/E/G ratio of 1.37 and a beta of 1.16. Cummins Inc. has a 12 month low of $133.16 and a 12 month high of $181.79.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The business had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. During the same period in the prior year, the company posted $2.02 EPS. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. sell-side analysts anticipate that Cummins Inc. will post 10.12 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a $1.08 dividend. The ex-dividend date is Thursday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.56%. Cummins’s dividend payout ratio is presently 43.86%.
A number of analysts recently issued reports on the stock. Stifel Nicolaus reissued a “hold” rating and set a $190.00 price target (up from $186.00) on shares of Cummins in a report on Wednesday, November 1st. Piper Jaffray Companies set a $170.00 price objective on shares of Cummins and gave the company a “hold” rating in a report on Tuesday, October 31st. Buckingham Research increased their price objective on shares of Cummins from $180.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Robert W. Baird reissued a “sell” rating and issued a $155.00 price target on shares of Cummins in a research note on Wednesday, November 1st. Finally, Jefferies Group LLC raised their price target on shares of Cummins from $165.00 to $180.00 and gave the stock a “hold” rating in a research note on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $173.96.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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