Raymond James Trust N.A. grew its stake in shares of Cummins Inc. (NYSE:CMI) by 16.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,022 shares of the company’s stock after acquiring an additional 845 shares during the period. Raymond James Trust N.A.’s holdings in Cummins were worth $1,012,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Carroll Financial Associates Inc. grew its holdings in Cummins by 13.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after acquiring an additional 83 shares in the last quarter. Captrust Financial Advisors acquired a new position in Cummins during the 2nd quarter worth $137,000. Acrospire Investment Management LLC acquired a new position in Cummins during the 2nd quarter worth $146,000. First Interstate Bank grew its holdings in Cummins by 2.7% during the 2nd quarter. First Interstate Bank now owns 956 shares of the company’s stock worth $155,000 after acquiring an additional 25 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Cummins in the 1st quarter valued at about $150,000. 81.94% of the stock is owned by institutional investors.
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Shares of Cummins Inc. (NYSE:CMI) traded up $0.99 on Friday, reaching $168.95. 1,350,800 shares of the company were exchanged, compared to its average volume of 1,280,395. Cummins Inc. has a 52-week low of $133.16 and a 52-week high of $181.79. The stock has a market capitalization of $27,875.90, a P/E ratio of 17.05, a PEG ratio of 1.37 and a beta of 1.16. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.03.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, beating the Zacks’ consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The firm had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $4.79 billion. During the same period in the previous year, the firm posted $2.02 earnings per share. The firm’s revenue was up 26.2% on a year-over-year basis. equities analysts predict that Cummins Inc. will post 10.12 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is presently 43.86%.
Several research analysts have recently commented on the stock. Stifel Nicolaus lifted their price target on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. Deutsche Bank AG decreased their price target on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a report on Wednesday, August 2nd. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $177.00 price objective on the stock in a research report on Friday, August 4th. Robert W. Baird reiterated a “sell” rating and issued a $155.00 price objective on shares of Cummins in a research report on Wednesday, November 1st. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 price objective on shares of Cummins in a research report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $173.96.
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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