Nordea Investment Management AB reduced its position in Cummins Inc. (NYSE:CMI) by 4.3% in the first quarter, HoldingsChannel.com reports. The fund owned 1,049,867 shares of the company’s stock after selling 47,656 shares during the quarter. Nordea Investment Management AB’s holdings in Cummins were worth $165,744,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Guidant Wealth Advisors bought a new stake in shares of Cummins during the first quarter worth $29,000. Riverview Trust Co acquired a new position in Cummins in the fourth quarter valued at $27,000. SeaBridge Investment Advisors LLC acquired a new position in Cummins in the first quarter valued at $32,000. Meridian Wealth Management LLC bought a new stake in Cummins in the first quarter valued at $32,000. Finally, Prime Capital Investment Advisors LLC bought a new stake in Cummins in the fourth quarter valued at $32,000. Institutional investors own 81.14% of the company’s stock.
Several equities research analysts have weighed in on CMI shares. Credit Suisse Group lifted their price target on shares of Cummins from $165.00 to $198.00 and gave the company an “outperform” rating in a research note on Wednesday, May 1st. Piper Jaffray Companies set a $195.00 target price on shares of Cummins and gave the stock a “buy” rating in a research report on Thursday, April 4th. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research report on Friday, May 3rd. Citigroup raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $155.00 to $190.00 in a research report on Tuesday, April 16th. Finally, Buckingham Research boosted their target price on shares of Cummins from $160.00 to $172.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $166.98.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, April 30th. The company reported $4.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.51 by $0.69. The firm had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.80 billion. Cummins had a net margin of 10.24% and a return on equity of 30.72%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the previous year, the company earned $3.30 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 16.23 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Friday, May 24th were paid a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s payout ratio is 34.47%.
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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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