Elkfork Partners LLC Buys New Stake in Cummins Inc. (CMI)
Elkfork Partners LLC bought a new position in Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 120,624 shares of the company’s stock, valued at approximately $21,307,000.
A number of other large investors also recently made changes to their positions in CMI. TIAA CREF Investment Management LLC boosted its position in Cummins by 29.7% during the fourth quarter. TIAA CREF Investment Management LLC now owns 1,197,560 shares of the company’s stock valued at $211,537,000 after buying an additional 274,452 shares during the period. Captrust Financial Advisors purchased a new stake in Cummins during the fourth quarter valued at about $294,000. Raymond James & Associates boosted its position in Cummins by 18.4% during the fourth quarter. Raymond James & Associates now owns 244,327 shares of the company’s stock valued at $43,158,000 after buying an additional 37,960 shares during the period. HBK Investments L P boosted its position in Cummins by 565.5% during the fourth quarter. HBK Investments L P now owns 57,899 shares of the company’s stock valued at $10,227,000 after buying an additional 49,199 shares during the period. Finally, California State Teachers Retirement System boosted its position in Cummins by 5.2% during the fourth quarter. California State Teachers Retirement System now owns 293,758 shares of the company’s stock valued at $51,889,000 after buying an additional 14,627 shares during the period. Institutional investors own 84.16% of the company’s stock.
Several research firms have issued reports on CMI. Citigroup upped their price target on shares of Cummins from $185.00 to $200.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. Robert W. Baird upped their price target on shares of Cummins from $157.00 to $159.00 and gave the company an “underperform” rating in a research report on Wednesday, February 7th. Oppenheimer began coverage on shares of Cummins in a research report on Thursday, December 7th. They set an “outperform” rating and a $192.00 price target for the company. Deutsche Bank set a $169.00 price target on shares of Cummins and gave the company a “sell” rating in a research report on Monday, February 5th. Finally, William Blair restated a “hold” rating on shares of Cummins in a research report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Cummins currently has an average rating of “Hold” and a consensus price target of $186.39.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $3.03 EPS for the quarter, beating the consensus estimate of $2.65 by $0.38. The firm had revenue of $5.48 billion during the quarter, compared to the consensus estimate of $5.23 billion. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.25 earnings per share. sell-side analysts predict that Cummins Inc. will post 12.55 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.74%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is 72.61%.
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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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