National Pension Service Acquires 6,577 Shares of Cummins Inc. (CMI)
National Pension Service increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.0% in the 4th quarter, Holdings Channel reports. The firm owned 168,988 shares of the company’s stock after acquiring an additional 6,577 shares during the quarter. National Pension Service’s holdings in Cummins were worth $29,850,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Northwest Investment Counselors LLC purchased a new position in shares of Cummins during the third quarter worth $132,000. Bank of Nova Scotia Trust Co. purchased a new position in Cummins in the third quarter valued at $168,000. Krilogy Financial LLC purchased a new position in Cummins in the third quarter valued at $168,000. Sun Life Financial INC increased its holdings in Cummins by 8,684.6% in the second quarter. Sun Life Financial INC now owns 1,142 shares of the company’s stock valued at $185,000 after buying an additional 1,129 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new position in Cummins in the third quarter valued at $201,000. 82.36% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on CMI shares. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $188.00 price objective for the company in a report on Monday, October 2nd. Argus lifted their price objective on shares of Cummins from $172.00 to $195.00 and gave the company a “buy” rating in a report on Monday, November 6th. BMO Capital Markets lifted their price objective on shares of Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a report on Wednesday, November 8th. Jefferies Group lifted their price objective on shares of Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday, November 1st. Finally, Piper Jaffray Companies set a $170.00 price objective on shares of Cummins and gave the company a “hold” rating in a report on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and a consensus target price of $178.69.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.24. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.02 earnings per share. research analysts forecast that Cummins Inc. will post 10.21 EPS 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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