BlackRock Inc. Has $1.49 Billion Holdings in Cummins Inc. (CMI)
BlackRock Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 8.0% during the 2nd quarter, Holdings Channel reports. The firm owned 11,166,153 shares of the company’s stock after selling 972,465 shares during the period. BlackRock Inc. owned 0.07% of Cummins worth $1,485,100,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently made changes to their positions in CMI. Wells Fargo & Company MN grew its stake in shares of Cummins by 19.4% in the 1st quarter. Wells Fargo & Company MN now owns 1,972,366 shares of the company’s stock valued at $319,699,000 after purchasing an additional 320,872 shares during the last quarter. FTB Advisors Inc. grew its stake in shares of Cummins by 6.7% in the 1st quarter. FTB Advisors Inc. now owns 18,792 shares of the company’s stock valued at $3,048,000 after purchasing an additional 1,185 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Cummins by 0.6% in the 1st quarter. Rhumbline Advisers now owns 336,367 shares of the company’s stock valued at $54,522,000 after purchasing an additional 1,994 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its stake in shares of Cummins by 17.6% in the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 41,936 shares of the company’s stock valued at $6,667,000 after purchasing an additional 6,291 shares during the last quarter. Finally, Weybosset Research & Management LLC grew its stake in shares of Cummins by 1.7% in the 1st quarter. Weybosset Research & Management LLC now owns 38,720 shares of the company’s stock valued at $6,276,000 after purchasing an additional 641 shares during the last quarter. Institutional investors own 79.42% of the company’s stock.
Several research analysts have weighed in on the company. Argus lowered their target price on Cummins to $175.00 and set a “buy” rating on the stock in a research note on Friday, May 11th. They noted that the move was a valuation call. Morgan Stanley set a $165.00 price target on Cummins and gave the company a “hold” rating in a report on Monday, May 7th. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $148.00 price target for the company in a report on Tuesday, July 3rd. Stifel Nicolaus raised their price target on Cummins from $160.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, August 1st. Finally, BMO Capital Markets reduced their price target on Cummins from $180.00 to $170.00 and set a “market perform” rating for the company in a report on Thursday, May 3rd. Four analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $165.86.
Shares of CMI stock opened at $144.77 on Wednesday. The firm has a market cap of $23.23 billion, a P/E ratio of 13.63, a PEG ratio of 0.81 and a beta of 1.11. Cummins Inc. has a 1 year low of $129.90 and a 1 year high of $194.18. The company has a quick ratio of 1.03, a current ratio of 1.61 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, July 31st. The company reported $3.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.63 by ($0.31). The firm had revenue of $6.13 billion for the quarter, compared to analyst estimates of $5.81 billion. Cummins had a return on equity of 26.30% and a net margin of 4.67%. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.53 earnings per share. research analysts predict that Cummins Inc. will post 14.95 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd will be issued a dividend of $1.14 per share. The ex-dividend date of this dividend is Tuesday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $1.08. This represents a $4.56 annualized dividend and a yield of 3.15%. Cummins’s payout ratio is currently 42.94%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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