Municipal Employees Retirement System of Michigan lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 7.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,880 shares of the company’s stock after buying an additional 590 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Cummins were worth $1,569,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Hall Laurie J Trustee lifted its holdings in Cummins by 841.7% during the fourth quarter. Hall Laurie J Trustee now owns 2,260 shares of the company’s stock worth $101,000 after acquiring an additional 2,020 shares during the period. Risk Paradigm Group LLC bought a new stake in Cummins during the fourth quarter worth $127,000. Bank of Nova Scotia Trust Co. bought a new stake in Cummins during the third quarter worth $168,000. Krilogy Financial LLC bought a new stake in Cummins during the third quarter worth $168,000. Finally, EagleClaw Capital Managment LLC bought a new stake in Cummins during the third quarter worth $201,000. 84.16% of the stock is currently owned by institutional investors.
Shares of Cummins stock opened at $162.57 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.01 and a current ratio of 1.57. Cummins Inc. has a one year low of $143.83 and a one year high of $194.18. The stock has a market capitalization of $26,935.13, a price-to-earnings ratio of 27.32, a P/E/G ratio of 1.14 and a beta of 1.19.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $3.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.65 by $0.38. Cummins had a return on equity of 22.18% and a net margin of 4.89%. The company had revenue of $5.48 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the company posted $2.25 EPS. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. research analysts anticipate that Cummins Inc. will post 12.55 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 8th. Investors of record on Friday, February 23rd were paid a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.66%. Cummins’s payout ratio is 72.61%.
A number of analysts recently commented on CMI shares. Bank of America upgraded Cummins from a “neutral” rating to a “buy” rating and set a $215.00 price target on the stock in a report on Friday, January 19th. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $193.00 target price on the stock in a research note on Friday, February 9th. Wells Fargo restated a “buy” rating and issued a $195.00 target price (down from $210.00) on shares of Cummins in a research note on Thursday, February 22nd. Finally, TheStreet lowered Cummins from a “b” rating to a “c+” rating in a research note on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $186.39.
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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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