Boston Partners trimmed its position in Cummins Inc. (NYSE:CMI) by 72.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 211,950 shares of the company’s stock after selling 567,018 shares during the period. Boston Partners owned about 0.13% of Cummins worth $36,314,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of the stock. Gradient Investments LLC boosted its holdings in shares of Cummins by 102.8% during the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after purchasing an additional 74 shares during the last quarter. Krane Funds Advisors LLC acquired a new position in shares of Cummins during the 2nd quarter worth approximately $26,000. Kempen Capital Management N.V. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $29,000. Sonora Investment Management LLC acquired a new position in shares of Cummins during the 2nd quarter worth approximately $32,000. Finally, Lenox Wealth Advisors LLC acquired a new position in shares of Cummins during the 2nd quarter worth approximately $33,000. Institutional investors own 82.30% of the company’s stock.
CMI has been the topic of several recent research reports. Morgan Stanley lowered their target price on Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 31st. Credit Suisse Group boosted their target price on Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Evercore ISI restated an “in-line” rating and set a $169.00 target price (up from $163.00) on shares of Cummins in a report on Friday, May 31st. Loop Capital cut Cummins from a “hold” rating to a “sell” rating and lowered their target price for the stock from $168.00 to $145.00 in a report on Tuesday, July 2nd. Finally, Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $166.67.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). The firm had revenue of $6.22 billion during the quarter, compared to analysts’ expectations of $6.36 billion. Cummins had a net margin of 10.74% and a return on equity of 29.75%. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.14 EPS. As a group, equities research analysts expect that Cummins Inc. will post 15.84 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st were given a $1.311 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $5.24 dividend on an annualized basis and a yield of 3.21%. Cummins’s payout ratio is presently 39.61%.
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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