Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new stake in Cummins Inc. (NYSE:CMI) during the 1st quarter, Holdings Channel reports. The firm purchased 580 shares of the company’s stock, valued at approximately $92,000.
A number of other large investors also recently added to or reduced their stakes in the stock. GYL Financial Synergies LLC bought a new stake in shares of Cummins during the 1st quarter valued at $1,470,000. Westpac Banking Corp boosted its stake in Cummins by 29.1% in the 1st quarter. Westpac Banking Corp now owns 46,398 shares of the company’s stock worth $7,325,000 after purchasing an additional 10,462 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in Cummins by 63.0% in the 1st quarter. Riverhead Capital Management LLC now owns 87,988 shares of the company’s stock worth $13,891,000 after purchasing an additional 34,000 shares in the last quarter. Northeast Financial Consultants Inc bought a new position in Cummins in the 1st quarter worth about $947,000. Finally, Andra AP fonden bought a new position in Cummins in the 1st quarter worth about $6,236,000. Institutional investors and hedge funds own 81.20% of the company’s stock.
In other Cummins news, insider Srikanth Padmanabhan sold 1,687 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $160.00, for a total value of $269,920.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.95% of the stock is currently owned by insiders.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, April 30th. The company reported $4.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.51 by $0.69. Cummins had a return on equity of 30.72% and a net margin of 10.24%. The business had revenue of $6 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the firm earned $3.30 EPS. Cummins’s revenue was up 7.8% on a year-over-year basis. As a group, research analysts predict that Cummins Inc. will post 16.23 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Friday, May 24th were given a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is 34.47%.
A number of brokerages recently issued reports on CMI. UBS Group upped their price target on shares of Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a research note on Wednesday, May 1st. Evercore ISI reiterated an “in-line” rating and issued a $169.00 price target (up previously from $163.00) on shares of Cummins in a research note on Friday, May 31st. Loop Capital cut shares of Cummins from a “buy” rating to a “hold” rating and set a $166.29 price target on the stock. in a research note on Wednesday, May 1st. ValuEngine upgraded shares of Cummins from a “sell” rating to a “hold” rating in a research note on Friday, February 15th. Finally, Buckingham Research upped their price target on shares of Cummins from $160.00 to $172.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $166.98.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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