Bailard Inc. Has $3 Million Position in Cummins Inc. (CMI)
Bailard Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 3.4% during the 4th quarter, Holdings Channel reports. The fund owned 16,998 shares of the company’s stock after selling 600 shares during the period. Bailard Inc.’s holdings in Cummins were worth $3,003,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Hall Laurie J Trustee boosted its holdings in shares of Cummins by 841.7% during the 4th quarter. Hall Laurie J Trustee now owns 2,260 shares of the company’s stock worth $101,000 after buying an additional 2,020 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $132,000. Bank of Nova Scotia Trust Co. bought a new position in shares of Cummins during the 3rd quarter worth approximately $168,000. Krilogy Financial LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $168,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $201,000. Institutional investors and hedge funds own 83.06% of the company’s stock.
A number of equities analysts have issued reports on the company. Citigroup increased their price target on Cummins from $185.00 to $200.00 and gave the stock a “neutral” rating in a report on Monday, February 5th. Robert W. Baird increased their price target on Cummins from $157.00 to $159.00 and gave the stock an “underperform” rating in a report on Wednesday, February 7th. Oppenheimer assumed coverage on Cummins in a report on Thursday, December 7th. They set an “outperform” rating and a $192.00 price target on the stock. Deutsche Bank set a $169.00 price target on Cummins and gave the stock a “sell” rating in a report on Monday, February 5th. Finally, William Blair restated a “hold” rating on shares of Cummins in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $188.18.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 6th. The company reported $3.03 earnings per share for the quarter, topping analysts’ consensus estimates of $2.65 by $0.38. Cummins had a return on equity of 22.18% and a net margin of 4.89%. The company had revenue of $5.48 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the firm earned $2.25 earnings per share. Cummins’s revenue for the quarter was up 21.6% on a year-over-year basis. research analysts predict that Cummins Inc. will post 12.51 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 8th. Investors of record on Friday, February 23rd will be given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.60%. Cummins’s payout ratio is currently 72.61%.
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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