Keybank National Association OH Reduces Holdings in Cummins Inc. (CMI)
Keybank National Association OH trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 28,845 shares of the company’s stock after selling 1,691 shares during the quarter. Keybank National Association OH’s holdings in Cummins were worth $5,095,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Northwest Investment Counselors LLC acquired a new stake in shares of Cummins during the third quarter worth $132,000. Bank of Nova Scotia Trust Co. acquired a new stake in shares of Cummins during the third quarter worth $168,000. Krilogy Financial LLC acquired a new stake in shares of Cummins during the third quarter worth $168,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Cummins during the fourth quarter worth $205,000. Finally, Stock Yards Bank & Trust Co. acquired a new stake in shares of Cummins during the fourth quarter worth $206,000. 83.06% of the stock is currently owned by institutional investors.
A number of analysts have weighed in on CMI shares. Seaport Global Securities reissued a “neutral” rating on shares of Cummins in a report on Tuesday, January 16th. Stifel Nicolaus reissued a “hold” rating and set a $190.00 target price (up from $186.00) on shares of Cummins in a report on Wednesday, November 1st. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a 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 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 report on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. Cummins has an average rating of “Hold” and an average target price of $188.18.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $3.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.65 by $0.38. The business had revenue of $5.48 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.25 EPS. analysts expect that Cummins Inc. will post 12.51 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 8th. Shareholders of record on Friday, February 23rd will be paid a dividend of $1.08 per share. The ex-dividend date is Thursday, February 22nd. This represents a $4.32 annualized dividend and a yield of 2.61%. Cummins’s payout ratio is 72.73%.
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Cummins Company Profile
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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