Amalgamated Bank Buys 1,774 Shares of Cummins Inc. (CMI)
Amalgamated Bank increased its stake in Cummins Inc. (NYSE:CMI) by 9.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,284 shares of the company’s stock after acquiring an additional 1,774 shares during the period. Amalgamated Bank’s holdings in Cummins were worth $3,583,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Boston Partners bought a new position in Cummins during the 3rd quarter valued at approximately $416,229,000. BlackRock Inc. raised its position in Cummins by 8.3% during the 4th quarter. BlackRock Inc. now owns 11,675,250 shares of the company’s stock valued at $2,062,319,000 after purchasing an additional 898,512 shares during the last quarter. Old Mutual Global Investors UK Ltd. raised its position in Cummins by 203.7% during the 3rd quarter. Old Mutual Global Investors UK Ltd. now owns 926,242 shares of the company’s stock valued at $155,636,000 after purchasing an additional 621,292 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in Cummins by 107.0% during the 4th quarter. UBS Asset Management Americas Inc. now owns 1,186,164 shares of the company’s stock valued at $209,524,000 after purchasing an additional 613,102 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Cummins by 272.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 639,800 shares of the company’s stock valued at $113,014,000 after purchasing an additional 468,200 shares during the last quarter. 82.69% of the stock is owned by institutional investors.
Shares of Cummins Inc. (CMI) opened at $158.94 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.01. The firm has a market capitalization of $26,330.00, a P/E ratio of 26.76, a P/E/G ratio of 1.18 and a beta of 1.19. Cummins Inc. has a 52 week low of $143.83 and a 52 week high of $194.18.
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 paid a $1.08 dividend. The ex-dividend date is Thursday, February 22nd. This represents a $4.32 annualized dividend and a dividend yield of 2.72%. Cummins’s payout ratio is currently 72.73%.
A number of research firms have commented on CMI. Oppenheimer upped their price target on Cummins to $207.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Wells Fargo & Co reaffirmed a “buy” rating and set a $195.00 price target (down previously from $210.00) on shares of Cummins in a research report on Thursday, February 22nd. Deutsche Bank set a $169.00 target price on Cummins and gave the stock a “sell” rating in a research report on Monday, February 5th. Credit Suisse Group decreased their target price on Cummins from $208.00 to $205.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. Finally, Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $193.00 target price for the company in a research report on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company. Cummins presently has a consensus rating of “Hold” and an average price target of $187.61.
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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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