Cummins Inc. (NYSE:CMI) Shares Bought by Rational Advisors LLC
Rational Advisors LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 1,423.8% during the fourth quarter, Holdings Channel reports. The firm owned 1,280 shares of the company’s stock after acquiring an additional 1,196 shares during the quarter. Rational Advisors LLC’s holdings in Cummins were worth $229,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of CMI. Conning Inc. raised its stake in Cummins by 3.1% during the third quarter. Conning Inc. now owns 276,483 shares of the company’s stock worth $44,975,000 after acquiring an additional 8,253 shares during the period. Fundamentun LLC boosted its holdings in shares of Cummins by 4.7% during the fourth quarter. Fundamentun LLC now owns 3,098 shares of the company’s stock valued at $554,000 after acquiring an additional 140 shares during the period. Voya Investment Management LLC boosted its holdings in shares of Cummins by 16.3% during the third quarter. Voya Investment Management LLC now owns 459,244 shares of the company’s stock valued at $74,706,000 after acquiring an additional 64,249 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Cummins by 16.5% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 9,987 shares of the company’s stock valued at $1,624,000 after acquiring an additional 1,417 shares during the period. Finally, Stillwater Investment Management LLC grew its position in shares of Cummins by 0.7% during the fourth quarter. Stillwater Investment Management LLC now owns 10,978 shares of the company’s stock worth $1,965,000 after acquiring an additional 80 shares during the last quarter. Institutional investors own 82.98% of the company’s stock.
CMI has been the topic of a number of analyst reports. Cfra downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the company from $192.00 to $200.00 in a research note on Thursday. Morgan Stanley decreased their target price on shares of Cummins from $180.00 to $170.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 5th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $175.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, December 20th. Finally, Raymond James assumed coverage on Cummins in a report on Wednesday, November 27th. They set a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $183.19.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $2.56 earnings per share for the quarter, topping analysts’ consensus estimates of $2.42 by $0.14. The company had revenue of $5.58 billion during the quarter, compared to analyst estimates of $5.39 billion. Cummins had a net margin of 9.59% and a return on equity of 26.49%. The business’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period in the prior year, the business posted $3.48 EPS. On average, equities research analysts predict that Cummins Inc. will post 12.18 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 21st will be issued a dividend of $1.311 per share. The ex-dividend date is Thursday, February 20th. This represents a $5.24 annualized dividend and a yield of 3.15%. Cummins’s payout ratio is 34.82%.
Cummins announced that its board has authorized a share repurchase program on Tuesday, December 10th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to purchase up to 7.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
Cummins Company Profile
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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