Russell Investments Group Ltd. Sells 31,226 Shares of Cummins Inc. (CMI)
Russell Investments Group Ltd. lowered its position in Cummins Inc. (NYSE:CMI) by 18.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 135,682 shares of the company’s stock after selling 31,226 shares during the period. Russell Investments Group Ltd. owned 0.08% of Cummins worth $22,796,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Cummins by 2.6% in the second quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock valued at $1,884,074,000 after purchasing an additional 298,352 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Cummins by 4.1% in the second quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock valued at $1,724,930,000 after purchasing an additional 422,135 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock valued at $439,732,000 after purchasing an additional 77,116 shares in the last quarter. Boston Partners bought a new position in shares of Cummins in the third quarter valued at approximately $416,229,000. Finally, First Eagle Investment Management LLC lifted its holdings in shares of Cummins by 2.0% in the third quarter. First Eagle Investment Management LLC now owns 1,997,863 shares of the company’s stock valued at $335,701,000 after purchasing an additional 39,674 shares in the last quarter. Institutional investors and hedge funds own 84.48% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) opened at $160.66 on Friday. The company has a market capitalization of $26,664.26, a price-to-earnings ratio of 16.31, a P/E/G ratio of 1.29 and a beta of 1.16. Cummins Inc. has a fifty-two week low of $134.06 and a fifty-two week high of $181.79. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, topping the Zacks’ consensus estimate of $2.47 by $0.24. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $4.79 billion. During the same period last year, the company posted $2.02 earnings per share. Cummins’s quarterly revenue was up 26.2% compared to the same quarter last year. analysts anticipate that Cummins Inc. will post 10.19 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio is currently 43.86%.
A number of research analysts have recently weighed in on the company. Stifel Nicolaus raised their target price on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. ValuEngine lowered Cummins from a “buy” rating to a “hold” rating in a report on Saturday. Deutsche Bank AG dropped their price target on Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a report on Wednesday, August 2nd. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $177.00 price target on the stock in a report on Friday, August 4th. Finally, Robert W. Baird reiterated a “sell” rating and set a $155.00 price target on shares of Cummins in a report on Wednesday, November 1st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $176.20.
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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