Cummins Inc. (CMI) Shares Sold by AGF Investments America Inc.
AGF Investments America Inc. lessened its position in Cummins Inc. (NYSE:CMI) by 15.5% in the 4th quarter, HoldingsChannel reports. The fund owned 39,065 shares of the company’s stock after selling 7,150 shares during the period. Cummins makes up approximately 2.6% of AGF Investments America Inc.’s investment portfolio, making the stock its 11th biggest holding. AGF Investments America Inc.’s holdings in Cummins were worth $6,900,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Hall Laurie J Trustee lifted its position in shares of Cummins by 841.7% in the 4th quarter. Hall Laurie J Trustee now owns 2,260 shares of the company’s stock valued at $101,000 after acquiring an additional 2,020 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $132,000. Bank of Nova Scotia Trust Co. purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $168,000. Krilogy Financial LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $168,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in Cummins in the 3rd quarter worth approximately $201,000. Institutional investors and hedge funds own 82.46% of the company’s stock.
A number of equities research analysts have issued reports on CMI shares. Seaport Global Securities reiterated a “neutral” rating on shares of Cummins in a research report on Tuesday, January 16th. Stifel Nicolaus reiterated a “hold” rating and issued a $190.00 target price (up previously from $186.00) on shares of Cummins in a research report on Wednesday, November 1st. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. Citigroup increased their target price on shares of Cummins from $185.00 to $200.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. Finally, BMO Capital Markets increased their target price on shares of Cummins from $185.00 to $190.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 8th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $188.18.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $3.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.65 by $0.38. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The company had revenue of $5.48 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the prior year, the business posted $2.25 EPS. Cummins’s quarterly revenue was up 21.6% on a year-over-year basis. research analysts forecast that Cummins Inc. will post 12.44 earnings per share for the current year.
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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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