M&R Capital Management Inc. Cuts Holdings in Cummins Inc. (NYSE:CMI)
M&R Capital Management Inc. reduced its position in Cummins Inc. (NYSE:CMI) by 60.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 200 shares of the company’s stock after selling 300 shares during the quarter. M&R Capital Management Inc.’s holdings in Cummins were worth $51,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ellevest Inc. acquired a new stake in shares of Cummins during the fourth quarter valued at about $28,000. Montag A & Associates Inc. acquired a new stake in shares of Cummins during the fourth quarter valued at about $29,000. Veritas Investment Partners UK Ltd. acquired a new stake in shares of Cummins during the fourth quarter valued at about $31,000. Regent Peak Wealth Advisors LLC acquired a new stake in shares of Cummins during the fourth quarter valued at about $32,000. Finally, Perigon Wealth Management LLC acquired a new stake in shares of Cummins during the fourth quarter valued at about $37,000. Hedge funds and other institutional investors own 81.07% of the company’s stock.
CMI has been the subject of a number of research reports. Citigroup lifted their price target on Cummins from $265.00 to $315.00 in a research note on Tuesday, March 16th. Jefferies Financial Group upgraded Cummins from a “hold” rating to a “buy” rating and lifted their price target for the stock from $250.00 to $325.00 in a research note on Wednesday, March 10th. Credit Suisse Group lifted their price target on Cummins from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, February 5th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their price target on Cummins from $265.00 to $315.00 in a research note on Tuesday, March 16th. Finally, Argus lifted their price target on Cummins from $246.00 to $281.00 and gave the stock a “buy” rating in a research note on Thursday, February 11th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $233.81.
CMI opened at $257.63 on Thursday. The business’s 50 day moving average is $260.42 and its 200-day moving average is $235.68. The stock has a market cap of $37.75 billion, a PE ratio of 24.36, a price-to-earnings-growth ratio of 1.94 and a beta of 1.09. The company has a current ratio of 1.94, a quick ratio of 1.33 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $140.93 and a twelve month high of $277.09.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Wednesday, February 3rd. The company reported $3.36 EPS for the quarter, beating the Zacks’ consensus estimate of $2.74 by $0.62. Cummins had a net margin of 8.12% and a return on equity of 20.30%. The business had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the business earned $2.56 earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 11.41 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 4th. Investors of record on Friday, February 19th were paid a dividend of $1.35 per share. The ex-dividend date was Thursday, February 18th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.10%. Cummins’s dividend payout ratio is presently 35.88%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.
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