Mitsubishi UFJ Trust & Banking Corp grew its position in Cummins Inc. (NYSE:CMI) by 0.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 214,143 shares of the company’s stock after acquiring an additional 490 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned 0.15% of Cummins worth $52,002,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the company. Eagle Capital Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $3,432,000. M&G Investment Management Ltd. acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $387,000. Dynamic Advisor Solutions LLC increased its holdings in shares of Cummins by 10.0% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 1,485 shares of the company’s stock valued at $337,000 after purchasing an additional 135 shares in the last quarter. Trust Co. of Vermont increased its holdings in shares of Cummins by 3.1% in the fourth quarter. Trust Co. of Vermont now owns 2,537 shares of the company’s stock valued at $576,000 after purchasing an additional 77 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in Cummins by 2.8% during the 4th quarter. CIBC Asset Management Inc now owns 21,832 shares of the company’s stock worth $4,958,000 after acquiring an additional 586 shares during the period. Institutional investors own 80.20% of the company’s stock.
A number of analysts have commented on the stock. Argus lifted their target price on shares of Cummins from $246.00 to $281.00 and gave the stock a “buy” rating in a report on Thursday, February 11th. BMO Capital Markets lifted their price target on shares of Cummins from $235.00 to $270.00 and gave the stock a “market perform” rating in a research report on Thursday, May 6th. Robert W. Baird reissued a “hold” rating on shares of Cummins in a research report on Thursday, May 6th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their price target on shares of Cummins from $265.00 to $315.00 in a research report on Tuesday, March 16th. Finally, Morgan Stanley lifted their price target on shares of Cummins from $260.00 to $274.00 and gave the stock an “equal weight” rating in a research report on Monday, May 10th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and an average target price of $261.70.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Monday, May 3rd. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.47 by $0.57. The firm had revenue of $6.09 billion for the quarter, compared to analysts’ expectations of $5.38 billion. Cummins had a net margin of 9.00% and a return on equity of 22.10%. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.18 EPS. As a group, research analysts expect that Cummins Inc. will post 15.96 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 3rd. Stockholders of record on Friday, May 21st were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Thursday, May 20th. This represents a $5.40 annualized dividend and a dividend yield of 2.14%. Cummins’s dividend payout ratio is presently 44.33%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines.
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