Oppenheimer & Co. Inc. increased its stake in shares of Cummins Inc. (NYSE:CMI – Get Rating) by 11.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,528 shares of the company’s stock after acquiring an additional 1,353 shares during the period. Oppenheimer & Co. Inc.’s holdings in Cummins were worth $2,951,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Trustcore Financial Services LLC raised its stake in shares of Cummins by 500.0% in the 3rd quarter. Trustcore Financial Services LLC now owns 120 shares of the company’s stock valued at $27,000 after purchasing an additional 100 shares during the period. Northwest Investment Counselors LLC acquired a new stake in Cummins in the 4th quarter valued at approximately $40,000. Bell Investment Advisors Inc bought a new stake in Cummins in the 3rd quarter valued at approximately $41,000. D Orazio & Associates Inc. bought a new stake in Cummins in the 3rd quarter valued at approximately $42,000. Finally, Allworth Financial LP boosted its position in Cummins by 269.6% during the 3rd quarter. Allworth Financial LP now owns 207 shares of the company’s stock worth $46,000 after acquiring an additional 151 shares during the last quarter. 79.73% of the stock is currently owned by institutional investors and hedge funds.
CMI has been the subject of several recent research reports. Zacks Investment Research cut shares of Cummins from a “hold” rating to a “sell” rating and set a $246.00 target price for the company. in a report on Monday, January 10th. UBS Group cut Cummins from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $260.00 to $214.00 in a report on Friday, March 18th. Credit Suisse Group increased their price target on Cummins from $301.00 to $304.00 and gave the company an “outperform” rating in a research report on Friday, February 4th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, March 30th. Finally, Morgan Stanley dropped their price target on shares of Cummins from $251.00 to $249.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $270.67.
Shares of NYSE:CMI opened at $194.50 on Monday. The stock has a market cap of $27.63 billion, a PE ratio of 13.34, a P/E/G ratio of 1.25 and a beta of 1.04. The company has a quick ratio of 1.12, a current ratio of 1.74 and a debt-to-equity ratio of 0.38. Cummins Inc. has a 12-month low of $189.50 and a 12-month high of $273.65. The business has a 50 day moving average of $209.17 and a 200-day moving average of $221.32.
Cummins (NYSE:CMI – Get Rating) last released its quarterly earnings results on Thursday, February 3rd. The company reported $2.85 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.08 by ($0.23). The firm had revenue of $5.85 billion during the quarter, compared to the consensus estimate of $5.81 billion. Cummins had a net margin of 8.87% and a return on equity of 23.63%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $3.36 earnings per share. Equities research analysts expect that Cummins Inc. will post 17.57 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 3rd. Investors of record on Friday, February 18th were given a dividend of $1.45 per share. This represents a $5.80 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend was Thursday, February 17th. Cummins’s dividend payout ratio is 39.75%.
Cummins announced that its board has authorized a stock repurchase program on Tuesday, December 14th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
About Cummins (Get Rating)
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.
- Get a free copy of the StockNews.com research report on Cummins (CMI)
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