First Citizens Bank & Trust Co. Purchases New Stake in Cummins Inc. (CMI)
First Citizens Bank & Trust Co. purchased a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,269 shares of the company’s stock, valued at approximately $224,000.
A number of other hedge funds also recently bought and sold shares of CMI. Eaton Vance Management acquired a new stake in Cummins in the 2nd quarter valued at about $593,000. Stephens Inc. AR raised its position in Cummins by 6.1% in the 2nd quarter. Stephens Inc. AR now owns 3,884 shares of the company’s stock valued at $630,000 after purchasing an additional 223 shares in the last quarter. Acrospire Investment Management LLC purchased a new position in shares of Cummins in the 2nd quarter valued at about $146,000. New York State Common Retirement Fund increased its holdings in shares of Cummins by 8.0% in the 2nd quarter. New York State Common Retirement Fund now owns 450,496 shares of the company’s stock valued at $73,079,000 after acquiring an additional 33,381 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Cummins in the 2nd quarter valued at about $28,704,000. 82.36% of the stock is currently owned by institutional investors.
A number of research analysts have recently commented on CMI shares. Stifel Nicolaus reiterated a “hold” rating and issued a $190.00 price objective (up previously from $186.00) on shares of Cummins in a report on Wednesday, November 1st. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. BMO Capital Markets increased their price objective on Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a report on Wednesday, November 8th. Jefferies Group increased their price objective on Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday, November 1st. Finally, ValuEngine downgraded Cummins from a “buy” rating to a “hold” rating in a report on Saturday, November 25th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company. Cummins presently has a consensus rating of “Hold” and a consensus price target of $178.69.
Cummins Inc. (NYSE:CMI) opened at $184.18 on Tuesday. The stock has a market capitalization of $30,570.00, a P/E ratio of 18.72, a P/E/G ratio of 1.32 and a beta of 1.14. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57. Cummins Inc. has a 12 month low of $138.16 and a 12 month high of $185.10.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.24. The firm had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.02 EPS. analysts expect that Cummins Inc. will post 10.2 earnings per share for the current fiscal 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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