Cummins Inc. (CMI) Stake Raised by Covington Capital Management
Covington Capital Management lifted its position in shares of Cummins Inc. (NYSE:CMI) by 9.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,519 shares of the company’s stock after buying an additional 4,576 shares during the quarter. Covington Capital Management’s holdings in Cummins were worth $9,100,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Cummins by 8.3% during the fourth quarter. BlackRock Inc. now owns 11,675,250 shares of the company’s stock worth $2,062,319,000 after buying an additional 898,512 shares during the period. Boston Partners increased its position in shares of Cummins by 33.1% during the fourth quarter. Boston Partners now owns 3,296,825 shares of the company’s stock worth $582,351,000 after buying an additional 819,719 shares during the period. Geode Capital Management LLC increased its position in shares of Cummins by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 2,122,029 shares of the company’s stock worth $374,228,000 after buying an additional 59,257 shares during the period. APG Asset Management N.V. increased its position in shares of Cummins by 5.4% during the fourth quarter. APG Asset Management N.V. now owns 2,065,872 shares of the company’s stock worth $303,894,000 after buying an additional 105,100 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Cummins by 0.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,991,974 shares of the company’s stock worth $351,862,000 after buying an additional 17,704 shares during the period. Institutional investors own 84.20% of the company’s stock.
Several equities research analysts have recently weighed in on CMI shares. ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Saturday, November 25th. Goldman Sachs Group cut shares of Cummins from a “buy” rating to a “neutral” rating and set a $180.00 price objective for the company. in a research report on Thursday, November 30th. Oppenheimer initiated coverage on shares of Cummins in a report on Thursday, December 7th. They issued an “outperform” rating and a $192.00 price target for the company. Piper Jaffray Companies set a $175.00 price target on shares of Cummins and gave the stock a “hold” rating in a report on Sunday, December 10th. Finally, Barclays initiated coverage on shares of Cummins in a report on Tuesday, December 12th. They issued an “equal weight” rating and a $180.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $187.61.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $3.03 earnings per share for the quarter, beating analysts’ consensus estimates of $2.65 by $0.38. Cummins had a net margin of 4.89% and a return on equity of 22.18%. The firm had revenue of $5.48 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the firm earned $2.25 earnings per share. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. sell-side analysts forecast that Cummins Inc. will post 12.55 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 8th. Shareholders of record on Friday, February 23rd were paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is 72.61%.
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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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