Caxton Associates LP Takes Position in Cummins Inc. (CMI)
Caxton Associates LP bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,400 shares of the company’s stock, valued at approximately $571,000.
Other large investors have also recently bought and sold shares of the company. Northwest Investment Counselors LLC purchased a new position in shares of Cummins during the 3rd quarter valued at approximately $132,000. Captrust Financial Advisors purchased a new position in shares of Cummins during the 2nd quarter valued at approximately $137,000. Acrospire Investment Management LLC purchased a new position in shares of Cummins during the 2nd quarter valued at approximately $146,000. First Interstate Bank increased its holdings in shares of Cummins by 2.7% during the 2nd quarter. First Interstate Bank now owns 956 shares of the company’s stock valued at $155,000 after purchasing an additional 25 shares in the last quarter. Finally, Sun Life Financial INC increased its holdings in shares of Cummins by 8,684.6% during the 2nd quarter. Sun Life Financial INC now owns 1,142 shares of the company’s stock valued at $185,000 after purchasing an additional 1,129 shares in the last quarter. 82.50% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on the stock. Barclays assumed coverage on shares of Cummins in a report on Tuesday. They set an “equal weight” rating and a $180.00 target price for the company. Piper Jaffray Companies set a $175.00 price target on shares of Cummins and gave the stock a “hold” rating in a report on Sunday. Oppenheimer assumed coverage on shares of Cummins in a report on Thursday, December 7th. They issued an “outperform” rating and a $192.00 price target for the company. Goldman Sachs Group lowered shares of Cummins from a “buy” rating to a “neutral” rating and set a $180.00 price target for the company. in a report on Thursday, November 30th. 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 issued a buy rating to the company. Cummins currently has an average rating of “Hold” and an average target price of $178.69.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping the Zacks’ 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 analyst estimates of $4.79 billion. During the same quarter in the prior year, the firm earned $2.02 earnings per share. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. analysts expect that Cummins Inc. will post 10.19 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 17th were issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Thursday, November 16th. Cummins’s payout ratio is 43.86%.
COPYRIGHT VIOLATION NOTICE: “Caxton Associates LP Takes Position in Cummins Inc. (CMI)” was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this piece on another site, it was copied illegally and republished in violation of United States and international trademark and copyright laws. The correct version of this piece can be viewed at https://www.thecerbatgem.com/2017/12/13/caxton-associates-lp-takes-position-in-cummins-inc-cmi.html.
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.
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).
Receive News & Stock Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related stocks with our FREE daily email newsletter.