Hartford Financial Management Inc. raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 21.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 6,800 shares of the company’s stock after acquiring an additional 1,200 shares during the period. Hartford Financial Management Inc.’s holdings in Cummins were worth $1,436,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. FDx Advisors Inc. bought a new position in Cummins during the 1st quarter worth about $27,000. Balentine LLC increased its holdings in Cummins by 74.6% during the 2nd quarter. Balentine LLC now owns 199 shares of the company’s stock worth $34,000 after purchasing an additional 85 shares in the last quarter. Heritage Wealth Advisors increased its holdings in Cummins by 123.5% during the 2nd quarter. Heritage Wealth Advisors now owns 514 shares of the company’s stock worth $39,000 after purchasing an additional 284 shares in the last quarter. Smithfield Trust Co. increased its holdings in Cummins by 49.1% during the 2nd quarter. Smithfield Trust Co. now owns 243 shares of the company’s stock worth $43,000 after purchasing an additional 80 shares in the last quarter. Finally, Hall Laurie J Trustee bought a new position in Cummins during the 3rd quarter worth about $56,000. Institutional investors own 82.40% of the company’s stock.
A number of equities analysts have recently commented on CMI shares. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $193.00 to $240.00 in a research note on Tuesday, September 8th. Barclays increased their price objective on shares of Cummins from $175.00 to $192.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 29th. Citigroup increased their price objective on shares of Cummins from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer started coverage on shares of Cummins in a research note on Tuesday, July 28th. They set a “hold” rating for the company. Finally, Bank of America increased their price objective on shares of Cummins from $185.00 to $216.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $204.33.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.93. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.68 billion. Cummins had a net margin of 8.46% and a return on equity of 21.04%. The business’s revenue was down 38.1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.27 EPS. As a group, research analysts expect that Cummins Inc. will post 9.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a $1.35 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.31. This represents a $5.40 annualized dividend and a yield of 2.42%. The ex-dividend date is Thursday, November 19th. Cummins’s dividend payout ratio is currently 34.82%.
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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