Pegasus Partners Ltd. Acquires Shares of 7,264 Cummins Inc. (CMI)
Pegasus Partners Ltd. acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 7,264 shares of the company’s stock, valued at approximately $1,283,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Advisor Partners LLC increased its holdings in shares of Cummins by 8.1% in the 4th quarter. Advisor Partners LLC now owns 3,596 shares of the company’s stock valued at $680,000 after purchasing an additional 269 shares during the period. Kessler Investment Group LLC increased its holdings in shares of Cummins by 1.8% in the 4th quarter. Kessler Investment Group LLC now owns 18,785 shares of the company’s stock valued at $3,318,000 after purchasing an additional 329 shares during the period. Hartford Investment Management Co. increased its holdings in shares of Cummins by 1.0% in the 3rd quarter. Hartford Investment Management Co. now owns 34,314 shares of the company’s stock valued at $5,766,000 after purchasing an additional 349 shares during the period. Blue Chip Partners Inc. increased its holdings in shares of Cummins by 9.2% in the 4th quarter. Blue Chip Partners Inc. now owns 4,179 shares of the company’s stock valued at $738,000 after purchasing an additional 353 shares during the period. Finally, Spectrum Management Group Inc. increased its holdings in shares of Cummins by 3.6% in the 4th quarter. Spectrum Management Group Inc. now owns 10,296 shares of the company’s stock valued at $1,819,000 after purchasing an additional 359 shares during the period. Hedge funds and other institutional investors own 83.06% of the company’s stock.
CMI has been the topic of a number of research reports. Argus upped their target price on Cummins from $172.00 to $195.00 and gave the company a “buy” rating in a report on Monday, November 6th. Buckingham Research upped their target price on Cummins from $180.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Bank of America upgraded Cummins from a “neutral” rating to a “buy” rating and set a $215.00 target price on the stock in a report on Friday, January 19th. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Finally, Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $193.00 target price on the stock in a report on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Cummins currently has an average rating of “Hold” and an average target price of $188.18.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $3.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.65 by $0.38. The business had revenue of $5.48 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Cummins had a return on equity of 22.18% and a net margin of 4.89%. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.25 EPS. research analysts expect that Cummins Inc. will post 12.44 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 8th. Investors of record on Friday, February 23rd will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 2.61%. Cummins’s payout ratio is 72.61%.
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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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