Jacobs & Co. CA increased its stake in shares of Cummins Inc. (NYSE:CMI) by 8.2% in the second quarter, Holdings Channel reports. The firm owned 28,587 shares of the company’s stock after buying an additional 2,175 shares during the period. Jacobs & Co. CA’s holdings in Cummins were worth $3,802,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Green Square Capital LLC lifted its stake in shares of Cummins by 24.9% during the 4th quarter. Green Square Capital LLC now owns 47,852 shares of the company’s stock worth $8,452,000 after purchasing an additional 9,542 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Cummins by 4.5% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 126,906 shares of the company’s stock worth $22,417,000 after purchasing an additional 5,476 shares during the last quarter. Delek Group Ltd. purchased a new stake in shares of Cummins during the 4th quarter worth $586,000. Handelsbanken Fonder AB purchased a new stake in Cummins in the fourth quarter valued at about $353,000. Finally, MetLife Investment Advisors LLC purchased a new stake in Cummins in the fourth quarter valued at about $8,527,000. Hedge funds and other institutional investors own 81.15% of the company’s stock.
Get Cummins alerts:Shares of Cummins traded up $0.09, reaching $137.82, during mid-day trading on Thursday, Marketbeat Ratings reports. The stock had a trading volume of 988,482 shares, compared to its average volume of 1,559,686. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.99 and a current ratio of 1.58. The firm has a market capitalization of $22.39 billion, a PE ratio of 12.89, a P/E/G ratio of 0.91 and a beta of 1.15. Cummins Inc. has a 1-year low of $129.90 and a 1-year high of $194.18.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 1st. The company reported $3.30 earnings per share for the quarter, beating analysts’ consensus estimates of $2.91 by $0.39. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.18 billion. Cummins had a return on equity of 23.47% and a net margin of 4.33%. The company’s revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.36 earnings per share. sell-side analysts forecast that Cummins Inc. will post 13.76 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Wednesday, August 22nd will be issued a $1.14 dividend. The ex-dividend date of this dividend is Tuesday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $1.08. This represents a $4.56 dividend on an annualized basis and a dividend yield of 3.31%. Cummins’s dividend payout ratio is currently 40.68%.
A number of equities research analysts have commented on the company. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, April 24th. Piper Jaffray Companies set a $164.00 price target on Cummins and gave the company a “hold” rating in a research note on Thursday, April 5th. JPMorgan Chase & Co. decreased their price target on Cummins from $176.00 to $164.00 and set a “neutral” rating for the company in a research note on Tuesday, April 10th. Buckingham Research cut Cummins from a “buy” rating to a “neutral” rating and set a $195.00 price target for the company. in a research note on Wednesday, May 2nd. Finally, Stifel Nicolaus decreased their price target on Cummins from $180.00 to $174.00 and set a “hold” rating for the company in a research note on Wednesday, May 2nd. Three analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $167.52.
Cummins 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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