National Pension Service Buys 3,345 Shares of Cummins Inc. (NYSE:CMI)
National Pension Service raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 225,771 shares of the company’s stock after purchasing an additional 3,345 shares during the period. National Pension Service owned 0.15% of Cummins worth $30,551,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the business. Wealth Quarterback LLC acquired a new stake in Cummins during the 4th quarter worth about $23,102,111,000. Norges Bank purchased a new stake in shares of Cummins in the fourth quarter worth about $300,538,000. Wells Fargo & Company MN boosted its stake in shares of Cummins by 31.2% in the first quarter. Wells Fargo & Company MN now owns 1,877,796 shares of the company’s stock worth $254,104,000 after buying an additional 446,111 shares during the last quarter. Capital International Investors acquired a new stake in Cummins during the first quarter worth about $56,469,000. Finally, First Eagle Investment Management LLC raised its position in Cummins by 17.6% during the first quarter. First Eagle Investment Management LLC now owns 2,201,444 shares of the company’s stock valued at $297,899,000 after acquiring an additional 329,228 shares in the last quarter. Institutional investors own 80.97% of the company’s stock.
A number of brokerages have recently commented on CMI. Wolfe Research raised shares of Cummins from an “underperform” rating to a “market perform” rating in a research note on Friday, March 27th. JPMorgan Chase & Co. lowered their price target on shares of Cummins from $170.00 to $145.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Piper Sandler cut shares of Cummins from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $195.00 to $162.00 in a report on Tuesday, May 12th. Citigroup upped their price objective on shares of Cummins from $182.00 to $192.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. Finally, Cowen restated a “hold” rating and set a $171.00 target price on shares of Cummins in a research report on Wednesday, May 6th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $169.81.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $3.18 EPS for the quarter, beating the consensus estimate of $2.18 by $1.00. The firm had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Cummins had a return on equity of 24.86% and a net margin of 9.34%. The business’s revenue for the quarter was down 16.5% on a year-over-year basis. During the same quarter last year, the firm earned $4.20 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 7.76 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $1.311 per share. This represents a $5.24 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Thursday, May 21st. Cummins’s 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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