Cullinan Associates Inc. increased its holdings in Cummins Inc. (NYSE:CMI) by 9.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,873 shares of the company’s stock after purchasing an additional 1,240 shares during the quarter. Cullinan Associates Inc.’s holdings in Cummins were worth $2,627,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Eaton Vance Management bought a new stake in shares of Cummins in the 2nd quarter worth approximately $593,000. Stephens Inc. AR raised its holdings in shares of Cummins by 6.1% in the 2nd quarter. Stephens Inc. AR now owns 3,884 shares of the company’s stock worth $630,000 after purchasing an additional 223 shares in the last quarter. Acrospire Investment Management LLC bought a new stake in shares of Cummins in the 2nd quarter worth approximately $146,000. New York State Common Retirement Fund increased its position in shares of Cummins by 8.0% in the second quarter. New York State Common Retirement Fund now owns 450,496 shares of the company’s stock worth $73,079,000 after acquiring an additional 33,381 shares in the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Cummins in the second quarter worth approximately $28,704,000. Institutional investors and hedge funds own 82.36% of the company’s stock.
Several research analysts have recently weighed in on CMI shares. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $187.00 target price on the stock in a research report on Thursday, September 21st. Wells Fargo & Co lifted their target price on shares of Cummins from $184.50 to $190.00 and gave the stock a “market perform” rating in a research report on Friday, October 6th. Deutsche Bank reissued a “sell” rating and issued a $159.00 target price (up from $147.00) on shares of Cummins in a research report on Monday, October 9th. Longbow Research downgraded shares of Cummins from a “buy” rating to a “neutral” rating in a research report on Thursday, October 12th. Finally, Robert W. Baird reissued a “sell” rating and issued a $153.00 target price on shares of Cummins in a research report on Thursday, October 12th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $178.69.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, beating the Zacks’ consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The firm had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $4.79 billion. During the same period in the previous year, the firm posted $2.02 earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. equities analysts predict that Cummins Inc. will post 10.2 earnings per share for the current year.
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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