Cummins Inc. (NYSE:CMI) Holdings Lessened by Burney Co.
Burney Co. lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,708 shares of the company’s stock after selling 1,000 shares during the period. Burney Co.’s holdings in Cummins were worth $2,638,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the business. Oregon Public Employees Retirement Fund grew its stake in shares of Cummins by 12,091.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 12,411,147 shares of the company’s stock worth $93,000 after acquiring an additional 12,309,348 shares in the last quarter. BlackRock Inc. grew its holdings in Cummins by 2.6% during the fourth quarter. BlackRock Inc. now owns 11,093,954 shares of the company’s stock worth $1,482,593,000 after buying an additional 279,849 shares in the last quarter. LSV Asset Management lifted its position in shares of Cummins by 1.7% during the 1st quarter. LSV Asset Management now owns 3,737,105 shares of the company’s stock valued at $589,976,000 after buying an additional 62,642 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Cummins by 4.0% during the 4th quarter. Geode Capital Management LLC now owns 2,495,807 shares of the company’s stock worth $333,085,000 after purchasing an additional 97,017 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Cummins by 11.4% during the 4th quarter. Northern Trust Corp now owns 2,472,270 shares of the company’s stock valued at $330,394,000 after purchasing an additional 253,893 shares during the last quarter. Institutional investors and hedge funds own 81.20% of the company’s stock.
In other news, insider Srikanth Padmanabhan sold 1,687 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $160.00, for a total transaction of $269,920.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.95% of the stock is currently owned by corporate insiders.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, April 30th. The company reported $4.20 EPS for the quarter, topping analysts’ consensus estimates of $3.51 by $0.69. The firm had revenue of $6 billion during the quarter, compared to the consensus estimate of $5.80 billion. Cummins had a net margin of 10.24% and a return on equity of 30.72%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.30 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 16.23 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Friday, May 24th were issued a $1.14 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $4.56 dividend on an annualized basis and a dividend yield of 2.78%. Cummins’s payout ratio is 34.47%.
CMI has been the subject of several research analyst reports. Zacks Investment Research lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, February 12th. ValuEngine upgraded Cummins from a “sell” rating to a “hold” rating in a report on Friday, February 15th. Piper Jaffray Companies set a $195.00 price objective on Cummins and gave the company a “buy” rating in a report on Thursday, April 4th. Citigroup raised Cummins from a “neutral” rating to a “buy” rating and increased their price target for the stock from $155.00 to $190.00 in a research report on Tuesday, April 16th. Finally, Buckingham Research increased their price target on Cummins from $160.00 to $172.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company. Cummins has an average rating of “Hold” and a consensus target price of $166.98.
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Cummins Company Profile
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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