Cummins Inc. (CMI) Position Cut by First Allied Advisory Services Inc.
First Allied Advisory Services Inc. trimmed its position in Cummins Inc. (NYSE:CMI) by 9.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,321 shares of the company’s stock after selling 762 shares during the quarter. First Allied Advisory Services Inc.’s holdings in Cummins were worth $1,232,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. Boothbay Fund Management LLC acquired a new stake in Cummins in the third quarter valued at approximately $214,000. First Republic Investment Management Inc. boosted its position in Cummins by 93.0% in the third quarter. First Republic Investment Management Inc. now owns 49,566 shares of the company’s stock valued at $8,329,000 after buying an additional 23,884 shares in the last quarter. L & S Advisors Inc boosted its position in Cummins by 21.7% in the third quarter. L & S Advisors Inc now owns 39,782 shares of the company’s stock valued at $6,685,000 after buying an additional 7,080 shares in the last quarter. B. Riley Financial Inc. acquired a new stake in Cummins in the third quarter valued at approximately $288,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in Cummins by 48.3% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,200 shares of the company’s stock valued at $2,902,000 after buying an additional 5,600 shares in the last quarter. 82.50% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have weighed in on CMI shares. Stifel Nicolaus restated a “hold” rating and issued a $190.00 target price (up previously from $186.00) on shares of Cummins in a research report on Wednesday, November 1st. Buckingham Research started coverage on shares of Cummins in a research report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 target price on the stock. BMO Capital Markets raised their target price on shares of Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a research report on Wednesday, November 8th. Jefferies Group raised their target price on shares of Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a research report on Wednesday, November 1st. Finally, ValuEngine lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Saturday, November 25th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $176.41.
Cummins (NYSE:CMI) last released its 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. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. Cummins’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.02 earnings per share. research analysts forecast that Cummins Inc. will post 10.19 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were issued a $1.08 dividend. The ex-dividend date was Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 2.53%. Cummins’s payout ratio is 43.86%.
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Cummins Company Profile
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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