Hotchkis & Wiley Capital Management LLC Sells 61,939 Shares of Cummins Inc. (CMI)
Hotchkis & Wiley Capital Management LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 1.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,503,956 shares of the company’s stock after selling 61,939 shares during the quarter. Cummins makes up about 2.3% of Hotchkis & Wiley Capital Management LLC’s investment portfolio, making the stock its 10th largest holding. Hotchkis & Wiley Capital Management LLC owned approximately 2.11% of Cummins worth $588,770,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Cummins by 2.6% in the second quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after purchasing an additional 298,352 shares during the period. BlackRock Inc. boosted its holdings in Cummins by 4.1% in the second quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after purchasing an additional 422,135 shares during the period. American Century Companies Inc. boosted its holdings in Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after purchasing an additional 77,116 shares during the period. Boston Partners acquired a new position in Cummins in the third quarter worth $416,229,000. Finally, First Eagle Investment Management LLC boosted its holdings in Cummins by 2.0% in the third quarter. First Eagle Investment Management LLC now owns 1,997,863 shares of the company’s stock worth $335,701,000 after purchasing an additional 39,674 shares during the period. 82.51% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on CMI shares. Stifel Nicolaus reiterated a “hold” rating and issued a $168.00 target price (up from $160.00) on shares of Cummins in a research note on Tuesday, August 8th. Jefferies Group reiterated a “hold” rating and issued a $165.00 target price (up from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 target price on shares of Cummins in a research note on Thursday, August 3rd. ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a research note on Saturday, November 25th. Finally, Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $188.00 price objective on the stock in a research note on Monday, October 2nd. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. Cummins currently has an average rating of “Hold” and an average target price of $176.20.
Shares of Cummins Inc. (CMI) opened at $164.52 on Thursday. Cummins Inc. has a one year low of $134.06 and a one year high of $181.79. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19. The firm has a market cap of $27,304.97, a PE ratio of 16.70, a P/E/G ratio of 1.32 and a beta of 1.16.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.24. The firm had revenue of $5.29 billion for 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 was up 26.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.02 earnings per share. research analysts predict 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. Investors of record on Friday, November 17th will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date is Thursday, November 16th. Cummins’s payout ratio is currently 43.86%.
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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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