Private Wealth Advisors Inc. cut its stake in shares of Cummins Inc. (NYSE:CMI) by 8.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,570 shares of the company’s stock after selling 438 shares during the period. Private Wealth Advisors Inc.’s holdings in Cummins were worth $807,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Ameritas Investment Partners Inc. increased its position in shares of Cummins by 28.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,589 shares of the company’s stock valued at $744,000 after purchasing an additional 1,030 shares during the last quarter. Shell Asset Management Co. increased its holdings in Cummins by 173.6% in the 3rd quarter. Shell Asset Management Co. now owns 27,086 shares of the company’s stock worth $3,575,000 after acquiring an additional 17,185 shares during the last quarter. Quantitative Systematic Strategies LLC increased its holdings in Cummins by 106.1% in the 3rd quarter. Quantitative Systematic Strategies LLC now owns 4,396 shares of the company’s stock worth $739,000 after acquiring an additional 2,263 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in Cummins in the 3rd quarter worth about $9,355,000. Finally, Adams Asset Advisors LLC increased its holdings in Cummins by 8.9% in the 3rd quarter. Adams Asset Advisors LLC now owns 36,732 shares of the company’s stock worth $6,172,000 after acquiring an additional 3,000 shares during the last quarter. Institutional investors and hedge funds own 82.69% of the company’s stock.
Several equities research analysts recently weighed in on CMI shares. Bank of America raised Cummins from a “neutral” rating to a “buy” rating and set a $215.00 price objective for the company in a report on Friday, January 19th. BMO Capital Markets lifted their price objective on Cummins from $185.00 to $190.00 and gave the stock a “market perform” rating in a report on Wednesday, November 8th. Argus lifted their price objective on Cummins from $172.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, November 6th. Jefferies Group lifted their price objective on Cummins from $165.00 to $180.00 and gave the stock a “hold” rating in a report on Wednesday, November 1st. Finally, Piper Jaffray Companies set a $170.00 price objective on Cummins and gave the stock a “hold” rating in a report on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $188.18.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $3.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.65 by $0.38. The firm had revenue of $5.48 billion during the quarter, compared to the consensus estimate of $5.23 billion. Cummins had a return on equity of 22.18% and a net margin of 4.89%. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter last year, the company posted $2.25 EPS. sell-side analysts forecast that Cummins Inc. will post 12.51 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 8th. Stockholders of record on Friday, February 23rd will be given a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, February 22nd. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.61%. Cummins’s dividend payout ratio (DPR) is presently 72.61%.
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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