Cummins Inc. (CMI) Shares Bought by First Trust Advisors LP
First Trust Advisors LP lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 165.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 614,285 shares of the company’s stock after buying an additional 383,230 shares during the quarter. First Trust Advisors LP’s holdings in Cummins were worth $96,977,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Morgan Stanley lifted its holdings in shares of Cummins by 5.3% during the third quarter. Morgan Stanley now owns 1,727,365 shares of the company’s stock valued at $252,315,000 after purchasing an additional 86,791 shares during the last quarter. IFM Investors Pty Ltd lifted its holdings in shares of Cummins by 9.2% during the fourth quarter. IFM Investors Pty Ltd now owns 9,032 shares of the company’s stock valued at $1,207,000 after purchasing an additional 759 shares during the last quarter. Manning & Napier Group LLC lifted its holdings in shares of Cummins by 7.4% during the fourth quarter. Manning & Napier Group LLC now owns 46,944 shares of the company’s stock valued at $6,272,000 after purchasing an additional 3,240 shares during the last quarter. We Are One Seven LLC purchased a new stake in shares of Cummins during the fourth quarter valued at $37,000. Finally, Weybosset Research & Management LLC lifted its holdings in shares of Cummins by 0.6% during the fourth quarter. Weybosset Research & Management LLC now owns 40,182 shares of the company’s stock valued at $5,370,000 after purchasing an additional 246 shares during the last quarter. Institutional investors own 82.51% of the company’s stock.
Several equities research analysts have recently commented on the company. Oppenheimer reaffirmed a “market perform” rating and set a $164.00 target price on shares of Cummins in a report on Thursday, February 7th. CIBC reaffirmed a “market perform” rating on shares of Cummins in a report on Thursday, February 7th. UBS Group upped their target price on Cummins from $130.00 to $135.00 and gave the company a “sell” rating in a report on Wednesday, May 1st. Mizuho set a $155.00 target price on Cummins and gave the company a “hold” rating in a report on Saturday, February 9th. Finally, ValuEngine raised Cummins from a “sell” rating to a “hold” rating in a report on Friday, February 15th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $165.61.
NYSE:CMI opened at $159.92 on Friday. The firm has a market cap of $25.19 billion, a P/E ratio of 12.09, a price-to-earnings-growth ratio of 1.22 and a beta of 1.10. Cummins Inc. has a 1-year low of $124.40 and a 1-year high of $169.45. The company has a current ratio of 1.57, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $4.20 earnings per share for the quarter, beating the consensus estimate of $3.51 by $0.69. The firm had revenue of $6 billion for the quarter, compared to analyst estimates of $5.80 billion. Cummins had a return on equity of 30.72% and a net margin of 10.24%. Cummins’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.30 earnings per share. Equities research analysts predict that Cummins Inc. will post 16.19 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Friday, May 24th will be given a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 2.85%. The ex-dividend date is Thursday, May 23rd. Cummins’s payout ratio is 34.47%.
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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