Foundations Investment Advisors LLC purchased a new stake in Cummins Inc. (NYSE:CMI – Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,407 shares of the company’s stock, valued at approximately $336,000.
Other hedge funds also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D raised its position in Cummins by 0.7% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 80,716 shares of the company’s stock valued at $19,557,000 after purchasing an additional 531 shares in the last quarter. Verdence Capital Advisors LLC raised its position in Cummins by 0.9% in the 4th quarter. Verdence Capital Advisors LLC now owns 7,543 shares of the company’s stock valued at $1,828,000 after purchasing an additional 67 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in Cummins by 5.0% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 329,159 shares of the company’s stock valued at $79,752,000 after purchasing an additional 15,735 shares in the last quarter. Merit Financial Group LLC purchased a new position in shares of Cummins in the 4th quarter valued at about $419,000. Finally, Dfpg Investments LLC increased its holdings in shares of Cummins by 162.2% in the 1st quarter. Dfpg Investments LLC now owns 5,089 shares of the company’s stock valued at $1,216,000 after acquiring an additional 3,148 shares during the last quarter. Institutional investors and hedge funds own 82.72% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently commented on CMI. Deutsche Bank Aktiengesellschaft dropped their price objective on Cummins from $231.00 to $227.00 and set a “hold” rating on the stock in a report on Wednesday, April 12th. VNET Group reiterated a “maintains” rating on shares of Cummins in a report on Wednesday, May 3rd. 888 reiterated a “maintains” rating on shares of Cummins in a report on Wednesday, May 31st. Finally, StockNews.com began coverage on Cummins in a report on Thursday, May 18th. They issued a “buy” rating on the stock. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $250.00.
Cummins Trading Up 1.4 %
Cummins (NYSE:CMI – Get Free Report) last released its earnings results on Tuesday, May 2nd. The company reported $5.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.85. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.13 billion. Cummins had a return on equity of 25.94% and a net margin of 8.37%. The company’s revenue for the quarter was up 32.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.04 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 19.8 EPS for the current year.
Cummins Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 7th. Stockholders of record on Friday, August 25th will be issued a $0.0168 dividend. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.03%. Cummins’s payout ratio is currently 35.40%.
Cummins Company Profile
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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