Millennium Management LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 18.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 382,360 shares of the company’s stock after selling 86,326 shares during the quarter. Millennium Management LLC’s holdings in Cummins were worth $67,540,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in CMI. Amundi Pioneer Asset Management Inc. bought a new position in Cummins in the 4th quarter worth $210,124,000. BlackRock Inc. raised its holdings in Cummins by 8.3% in the 4th 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 raised its holdings in Cummins by 33.1% in the 4th 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. UBS Asset Management Americas Inc. raised its holdings in Cummins by 107.0% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,186,164 shares of the company’s stock worth $209,524,000 after purchasing an additional 613,102 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Cummins by 272.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 639,800 shares of the company’s stock worth $113,014,000 after purchasing an additional 468,200 shares during the period. 84.20% of the stock is currently owned by institutional investors.
CMI has been the topic of a number of recent research reports. Bank of America raised Cummins from a “neutral” rating to a “buy” rating and set a $215.00 target price on the stock in a report on Friday, January 19th. Morgan Stanley initiated coverage on Cummins in a report on Friday, March 2nd. They issued an “equal weight” rating and a $173.00 target price on the stock. Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a report on Tuesday, January 16th. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a report on Saturday, November 25th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $187.61.
Cummins (NYSE:CMI) last issued its quarterly earnings data 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. The firm had revenue of $5.48 billion during the quarter, compared to analyst estimates of $5.23 billion. Cummins had a return on equity of 22.18% and a net margin of 4.89%. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.25 earnings per share. equities research analysts predict that Cummins Inc. will post 12.55 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 8th. Stockholders of record on Friday, February 23rd were given a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.66%. Cummins’s payout ratio is 72.61%.
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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