Tower Research Capital LLC TRC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 433.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,195 shares of the company’s stock after purchasing an additional 971 shares during the period. Tower Research Capital LLC TRC’s holdings in Cummins were worth $211,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Cummins by 8.3% during the fourth quarter. BlackRock Inc. now owns 11,675,250 shares of the company’s stock worth $2,062,319,000 after purchasing an additional 898,512 shares during the period. Boston Partners boosted its holdings in shares of Cummins by 33.1% during the fourth quarter. Boston Partners now owns 3,296,825 shares of the company’s stock worth $582,351,000 after purchasing an additional 819,719 shares during the period. APG Asset Management N.V. boosted its holdings in shares of Cummins by 5.4% during the fourth quarter. APG Asset Management N.V. now owns 2,065,872 shares of the company’s stock worth $303,894,000 after purchasing an additional 105,100 shares during the period. First Eagle Investment Management LLC boosted its holdings in shares of Cummins by 2.0% during the third quarter. First Eagle Investment Management LLC now owns 1,997,863 shares of the company’s stock worth $335,701,000 after purchasing an additional 39,674 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Cummins by 0.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,991,974 shares of the company’s stock worth $351,862,000 after purchasing an additional 17,704 shares during the period. Institutional investors own 82.69% of the company’s stock.
CMI has been the subject of a number of research reports. Argus increased their price target on shares of Cummins from $172.00 to $195.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. Buckingham Research increased their price target on shares of Cummins from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Wednesday, November 1st. Bank of America raised shares of Cummins from a “neutral” rating to a “buy” rating and set a $215.00 price target for the company in a research note on Friday, January 19th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $193.00 price target for the company in a research note on Friday, February 9th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $188.47.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $3.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.65 by $0.38. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The business had revenue of $5.48 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter last year, the firm earned $2.25 earnings per share. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. equities research analysts expect that Cummins Inc. will post 12.53 EPS for the current fiscal year.
The firm 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. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Thursday, February 22nd. Cummins’s dividend 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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