Renaissance Group LLC Increases Position in Cummins Inc. (CMI)
Renaissance Group LLC boosted its position in Cummins Inc. (NYSE:CMI) by 3.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 204,963 shares of the company’s stock after acquiring an additional 6,438 shares during the period. Cummins accounts for approximately 1.2% of Renaissance Group LLC’s portfolio, making the stock its 25th largest holding. Renaissance Group LLC owned approximately 0.12% of Cummins worth $34,440,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Carroll Financial Associates Inc. raised its stake in Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after acquiring an additional 83 shares during the period. Northwest Investment Counselors LLC bought a new stake in Cummins in the 3rd quarter valued at about $132,000. Captrust Financial Advisors bought a new stake in Cummins in the 2nd quarter valued at about $137,000. Acrospire Investment Management LLC bought a new stake in shares of Cummins during the second quarter valued at about $146,000. Finally, First Interstate Bank increased its position in shares of Cummins by 2.7% during the second quarter. First Interstate Bank now owns 956 shares of the company’s stock valued at $155,000 after buying an additional 25 shares during the period. Institutional investors and hedge funds own 84.48% of the company’s stock.
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Shares of Cummins Inc. (CMI) traded up $0.39 on Tuesday, reaching $159.80. The company’s stock had a trading volume of 2,484,500 shares, compared to its average volume of 1,304,671. The stock has a market capitalization of $26,630.00, a price-to-earnings ratio of 16.18, a P/E/G ratio of 1.29 and a beta of 1.16. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57. Cummins Inc. has a 1-year low of $134.06 and a 1-year high of $181.79.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.47 by $0.24. The business had revenue of $5.29 billion during the quarter, compared to analyst estimates of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. Cummins’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.02 earnings per share. equities research analysts anticipate that Cummins Inc. will post 10.19 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.70%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio is currently 43.90%.
Several brokerages have recently weighed in on CMI. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Royal Bank Of Canada upped their price target on Cummins from $169.00 to $173.00 and gave the company a “sector perform” rating in a research report on Thursday, November 2nd. Robert W. Baird reiterated a “sell” rating and set a $153.00 price target on shares of Cummins in a research report on Thursday, October 12th. Jefferies Group LLC reiterated a “hold” rating and set a $165.00 price target on shares of Cummins in a research report on Thursday, September 7th. Finally, ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $173.96.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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