Cummins Inc. (CMI) Holdings Increased by Rothschild Asset Management Inc.
Rothschild Asset Management Inc. raised its position in shares of Cummins Inc. (NYSE:CMI) by 66.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 298,496 shares of the company’s stock after purchasing an additional 118,703 shares during the quarter. Rothschild Asset Management Inc. owned approximately 0.18% of Cummins worth $50,157,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Cummins by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock valued at $1,884,074,000 after purchasing an additional 298,352 shares during the period. BlackRock Inc. increased its position in Cummins by 4.1% during the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock valued at $1,724,930,000 after purchasing an additional 422,135 shares during the period. American Century Companies Inc. increased its position in Cummins by 2.9% during the 2nd quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock valued at $439,732,000 after purchasing an additional 77,116 shares during the period. Boston Partners acquired a new stake in Cummins during the 3rd quarter valued at approximately $416,229,000. Finally, First Eagle Investment Management LLC increased its position in Cummins by 2.0% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,997,863 shares of the company’s stock valued at $335,701,000 after purchasing an additional 39,674 shares during the period. 84.48% of the stock is owned by institutional investors and hedge funds.
Cummins Inc. (CMI) traded down $7.72 during midday trading on Monday, reaching $159.41. 3,529,800 shares of the company traded hands, compared to its average volume of 1,299,381. Cummins Inc. has a twelve month low of $134.06 and a twelve month high of $181.79. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19. The firm has a market cap of $26,630.00, a P/E ratio of 16.18, a P/E/G ratio of 1.29 and a beta of 1.16.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, beating the 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 business had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. During the same quarter last year, the firm posted $2.02 EPS. Cummins’s revenue was up 26.2% compared to the same quarter last year. sell-side analysts anticipate that Cummins Inc. will post 10.19 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s payout ratio is currently 43.90%.
A number of analysts have weighed in on CMI shares. ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Stifel Nicolaus increased their target price on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. Deutsche Bank AG decreased their target price on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research report on Wednesday, August 2nd. Jefferies Group LLC reissued a “hold” rating and set a $165.00 target price (up previously from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $173.96.
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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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