Hartford Investment Management Co. Grows Position in Cummins Inc. (CMI)
Hartford Investment Management Co. increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 34,314 shares of the company’s stock after acquiring an additional 349 shares during the quarter. Hartford Investment Management Co.’s holdings in Cummins were worth $5,766,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Mn Services Vermogensbeheer B.V. raised its stake in Cummins by 508.4% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 25,937 shares of the company’s stock worth $4,208,000 after acquiring an additional 21,674 shares during the period. Horrell Capital Management Inc. acquired a new stake in Cummins during the second quarter worth about $164,000. James Investment Research Inc. acquired a new stake in Cummins during the second quarter worth about $1,341,000. Eqis Capital Management Inc. raised its stake in Cummins by 30.1% during the second quarter. Eqis Capital Management Inc. now owns 23,501 shares of the company’s stock worth $3,812,000 after acquiring an additional 5,432 shares during the period. Finally, OLD National Bancorp IN raised its stake in Cummins by 114.2% during the second quarter. OLD National Bancorp IN now owns 33,601 shares of the company’s stock worth $5,451,000 after acquiring an additional 17,911 shares during the period. Hedge funds and other institutional investors own 82.51% of the company’s stock.
Cummins Inc. (CMI) opened at $165.01 on Friday. Cummins Inc. has a 12 month low of $134.06 and a 12 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 company has a market cap of $27,803.71, a P/E ratio of 17.01, a P/E/G ratio of 1.34 and a beta of 1.14.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were paid a dividend of $1.08 per share. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.62%. Cummins’s dividend payout ratio is presently 43.86%.
Several equities research analysts have commented on the stock. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $177.00 price target on the stock in a research note on Friday, August 4th. Goldman Sachs Group lowered shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price target on the stock. in a research note on Monday, August 7th. Stifel Nicolaus restated a “hold” rating and issued a $168.00 price target (up previously from $160.00) on shares of Cummins in a research note on Tuesday, August 8th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Buckingham Research assumed coverage on shares of Cummins in a research note on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price target on the stock. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $175.49.
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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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