Haverford Trust Co. decreased its position in Cummins Inc. (NYSE:CMI) by 3.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,696 shares of the company’s stock after selling 100 shares during the period. Haverford Trust Co.’s holdings in Cummins were worth $439,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in CMI. OLD Second National Bank of Aurora lifted its stake in Cummins by 1.1% during the 2nd quarter. OLD Second National Bank of Aurora now owns 13,629 shares of the company’s stock valued at $2,335,000 after acquiring an additional 148 shares during the period. Conning Inc. lifted its stake in Cummins by 3.1% during the 3rd quarter. Conning Inc. now owns 276,483 shares of the company’s stock valued at $44,975,000 after acquiring an additional 8,253 shares during the period. Treasurer of the State of North Carolina lifted its stake in Cummins by 10.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 78,147 shares of the company’s stock valued at $13,390,000 after acquiring an additional 7,429 shares during the period. Autus Asset Management LLC lifted its stake in Cummins by 5.6% during the 2nd quarter. Autus Asset Management LLC now owns 2,828 shares of the company’s stock valued at $485,000 after acquiring an additional 150 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Cummins by 15.5% during the 2nd quarter. Victory Capital Management Inc. now owns 134,045 shares of the company’s stock valued at $22,967,000 after acquiring an additional 17,992 shares during the period. Institutional investors own 81.94% of the company’s stock.
Several equities analysts have issued reports on the stock. ValuEngine upgraded shares of Cummins from a “sell” rating to a “hold” rating in a research note on Wednesday. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Barclays reiterated a “hold” rating and issued a $159.00 price objective on shares of Cummins in a research note on Wednesday, October 16th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and set a $207.00 price objective on the stock in a research note on Friday. Finally, Citigroup reiterated a “buy” rating and issued a $200.00 price objective (up previously from $175.00) on shares of Cummins in a research note on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. Cummins has an average rating of “Hold” and a consensus target price of $172.53.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, October 29th. The company reported $3.83 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.84 by ($0.01). The firm had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.87 billion. Cummins had a return on equity of 28.52% and a net margin of 10.53%. The company’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $4.05 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 15.03 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be issued a $1.311 dividend. This represents a $5.24 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Wednesday, November 13th. Cummins’s dividend payout ratio is 39.61%.
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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