PGGM Investments Raises Stake in Cummins Inc. (CMI)
PGGM Investments lifted its position in shares of Cummins Inc. (NYSE:CMI) by 0.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 360,514 shares of the company’s stock after purchasing an additional 2,416 shares during the quarter. PGGM Investments owned 0.22% of Cummins worth $60,577,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. State Street Corp raised its position in Cummins by 0.5% in the 1st quarter. State Street Corp now owns 12,238,897 shares of the company’s stock valued at $1,850,515,000 after buying an additional 61,286 shares during the last quarter. Vanguard Group Inc. raised its position in Cummins by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock valued at $1,884,074,000 after buying an additional 298,352 shares during the last quarter. BlackRock Inc. raised its position in Cummins by 4.1% in the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock valued at $1,724,930,000 after buying an additional 422,135 shares during the last quarter. American International Group Inc. raised its position in Cummins by 1.7% in the 1st quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock valued at $524,826,000 after buying an additional 59,401 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Cummins by 2.9% in the 2nd quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock valued at $439,732,000 after buying an additional 77,116 shares during the last quarter. 80.31% of the stock is currently owned by institutional investors.
In related news, insider Jill E. Cook sold 7,000 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $165.86, for a total transaction of $1,161,020.00. Following the completion of the sale, the insider now owns 9,671 shares in the company, valued at $1,604,032.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $676,000.00. Following the sale, the insider now owns 41,902 shares of the company’s stock, valued at approximately $7,081,438. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,633 shares of company stock valued at $2,942,108. 0.62% of the stock is owned by company insiders.
A number of research firms recently commented on CMI. Piper Jaffray Companies set a $159.00 price target on Cummins and gave the company a “hold” rating in a research report on Monday, October 16th. Citigroup Inc. increased their price target on Cummins from $175.00 to $183.00 and gave the company a “neutral” rating in a research report on Friday, October 13th. Robert W. Baird reissued a “sell” rating and issued a $153.00 price target on shares of Cummins in a research report on Thursday, October 12th. Jefferies Group LLC reissued a “hold” rating and issued a $165.00 price target (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $168.00 price target (up from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $164.91.
Cummins Inc. (CMI) traded up 1.02% on Friday, hitting $177.10. The stock had a trading volume of 669,489 shares. Cummins Inc. has a 52 week low of $121.22 and a 52 week high of $177.30. The company has a market capitalization of $29.58 billion, a price-to-earnings ratio of 20.02 and a beta of 1.13. The firm has a 50-day moving average of $168.60 and a 200 day moving average of $160.11.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.40 EPS. On average, analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is presently 48.76%.
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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