Raymond James Financial Services Advisors Inc. Raises Holdings in Cummins Inc. (CMI)
Raymond James Financial Services Advisors Inc. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 12.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,585 shares of the company’s stock after purchasing an additional 9,429 shares during the period. Raymond James Financial Services Advisors Inc. owned 0.05% of Cummins worth $14,718,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Cummins by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after acquiring an additional 298,352 shares during the period. BlackRock Inc. increased its holdings in shares of Cummins by 4.1% in the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after acquiring an additional 422,135 shares during the period. American Century Companies Inc. increased its holdings in shares of Cummins by 2.9% in the 2nd quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after acquiring an additional 77,116 shares during the period. FMR LLC increased its holdings in shares of Cummins by 43.8% in the 2nd quarter. FMR LLC now owns 1,989,718 shares of the company’s stock worth $322,772,000 after acquiring an additional 606,085 shares during the period. Finally, Ameriprise Financial Inc. increased its holdings in shares of Cummins by 82.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock worth $319,426,000 after acquiring an additional 890,404 shares during the period. 83.85% of the stock is currently owned by institutional investors.
CMI has been the topic of a number of analyst reports. ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Buckingham Research initiated coverage on shares of Cummins in a report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price objective on the stock. Longbow Research cut shares of Cummins from a “buy” rating to a “neutral” rating in a report on Thursday, October 12th. Finally, Piper Jaffray Companies set a $170.00 price objective on shares of Cummins and gave the stock a “hold” rating in a report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $173.96.
Cummins Inc. (CMI) opened at $159.41 on Friday. Cummins Inc. has a 12-month low of $134.06 and a 12-month high of $181.79. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57. The firm has a market cap of $26,456.80, a PE ratio of 16.18, a PEG ratio of 1.30 and a beta of 1.16.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating the Thomson Reuters’ 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 company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $4.79 billion. During the same quarter last year, the firm posted $2.02 EPS. The business’s revenue for the quarter was up 26.2% on a year-over-year basis. sell-side analysts expect that Cummins Inc. will post 10.19 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s payout ratio is 43.86%.
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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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