AQR Capital Management LLC increased its position in shares of Cummins Inc. (NYSE:CMI) by 9.0% during the first quarter, Holdings Channel reports. The institutional investor owned 2,486,266 shares of the company’s stock after buying an additional 205,659 shares during the period. AQR Capital Management LLC’s holdings in Cummins were worth $375,924,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. increased its position in Cummins by 4.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 565,129 shares of the company’s stock valued at $77,236,000 after buying an additional 21,607 shares during the period. Teachers Advisors LLC increased its position in Cummins by 95.2% in the fourth quarter. Teachers Advisors LLC now owns 565,071 shares of the company’s stock valued at $77,228,000 after buying an additional 275,553 shares during the period. Kentucky Retirement Systems acquired a new position in Cummins during the fourth quarter valued at approximately $1,529,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Cummins during the fourth quarter valued at approximately $682,000. Finally, Highbridge Capital Management LLC increased its position in Cummins by 296.1% in the fourth quarter. Highbridge Capital Management LLC now owns 18,373 shares of the company’s stock valued at $2,511,000 after buying an additional 13,734 shares during the period. 79.95% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (CMI) opened at 164.82 on Wednesday. The firm has a 50-day moving average of $161.23 and a 200 day moving average of $152.70. The stock has a market capitalization of $27.57 billion, a PE ratio of 18.89 and a beta of 1.08. Cummins Inc. has a 1-year low of $116.02 and a 1-year high of $167.17.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 2nd. The company reported $2.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.81 by $0.55. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The firm had revenue of $4.59 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same quarter in the prior year, the business earned $1.87 earnings per share. Cummins’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts predict that Cummins Inc. will post $7.98 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a dividend of $1.08 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.62%. Cummins’s dividend payout ratio is currently 46.96%.
Several research firms recently commented on CMI. Barclays PLC raised their price objective on shares of Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Deutsche Bank AG raised their price objective on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a report on Tuesday, July 4th. Credit Suisse Group set a $173.00 price objective on shares of Cummins and gave the stock a “buy” rating in a report on Monday, March 27th. Wells Fargo & Company raised shares of Cummins from a “market perform” rating to an “outperform” rating in a report on Monday, April 17th. Finally, Seaport Global Securities began coverage on shares of Cummins in a report on Thursday, April 6th. They issued a “neutral” rating for the company. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and an average price target of $150.78.
In related news, CEO Norman Thomas Linebarger sold 24,000 shares of the company’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $163.00, for a total transaction of $3,912,000.00. Following the completion of the transaction, the chief executive officer now owns 24,607 shares in the company, valued at $4,010,941. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $151.03, for a total transaction of $604,120.00. Following the transaction, the insider now owns 41,902 shares of the company’s stock, valued at approximately $6,328,459.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,176 shares of company stock valued at $12,900,695. 0.62% of the stock is owned by company insiders.
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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