Parametric Portfolio Associates LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 2.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 609,290 shares of the company’s stock after acquiring an additional 17,200 shares during the quarter. Parametric Portfolio Associates LLC owned about 0.37% of Cummins worth $102,379,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also made changes to their positions in the company. AXA lifted its position in Cummins by 9.9% during the third quarter. AXA now owns 102,189 shares of the company’s stock valued at $17,170,000 after buying an additional 9,189 shares during the period. EagleClaw Capital Managment LLC purchased a new position in Cummins during the third quarter valued at $201,000. Belpointe Asset Management LLC purchased a new position in Cummins during the third quarter valued at $545,000. Cetera Advisors LLC lifted its position in Cummins by 34.3% during the third quarter. Cetera Advisors LLC now owns 4,999 shares of the company’s stock valued at $844,000 after buying an additional 1,276 shares during the period. Finally, IFM Investors Pty Ltd purchased a new position in Cummins during the third quarter valued at $742,000. 82.50% of the stock is owned by institutional investors.
CMI has been the subject of several recent research reports. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $188.00 price objective for the company in a research report on Monday, October 2nd. Argus raised their price objective on Cummins from $172.00 to $195.00 and gave the company a “buy” rating in a research report on Monday, November 6th. BMO Capital Markets raised their price objective on Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a research report on Wednesday, November 8th. Jefferies Group raised their price target on Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday, November 1st. Finally, Piper Jaffray Companies set a $170.00 price target on Cummins and gave the company a “hold” rating in a report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have assigned a buy rating to the company. Cummins presently has a consensus rating of “Hold” and a consensus price target of $178.69.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, topping the consensus estimate of $2.47 by $0.24. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. During the same period last year, the company earned $2.02 EPS. Cummins’s revenue for the quarter was up 26.2% on a year-over-year basis. sell-side analysts anticipate that Cummins Inc. will post 10.19 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were issued a $1.08 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 2.55%. Cummins’s payout ratio is 43.86%.
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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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