Stifel Financial Corp boosted its stake in Cummins Inc. (NYSE:CMI) by 2.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 108,153 shares of the company’s stock after purchasing an additional 2,116 shares during the period. Stifel Financial Corp owned approximately 0.07% of Cummins worth $18,205,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of CMI. Acadian Asset Management LLC grew its position in Cummins by 430.4% in the 2nd quarter. Acadian Asset Management LLC now owns 7,410 shares of the company’s stock worth $1,202,000 after purchasing an additional 6,013 shares during the period. NGAM Advisors L.P. grew its position in shares of Cummins by 5.7% during the 2nd quarter. NGAM Advisors L.P. now owns 13,456 shares of the company’s stock valued at $2,183,000 after acquiring an additional 730 shares during the period. Eagle Global Advisors LLC bought a new stake in shares of Cummins during the 2nd quarter valued at $213,000. Spinnaker Trust grew its position in shares of Cummins by 3.0% during the 2nd quarter. Spinnaker Trust now owns 2,545 shares of the company’s stock valued at $413,000 after acquiring an additional 75 shares during the period. Finally, Honkamp Krueger Financial Services Inc. grew its position in shares of Cummins by 2.6% during the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 3,051 shares of the company’s stock valued at $495,000 after acquiring an additional 77 shares during the period. 82.50% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Royal Bank Of Canada boosted their price objective on shares of Cummins from $169.00 to $173.00 and gave the company a “sector perform” rating in a research report on Thursday, November 2nd. Robert W. Baird reissued a “sell” rating and set a $153.00 price objective on shares of Cummins in a research report on Thursday, October 12th. Jefferies Group reissued a “hold” rating and set a $165.00 price objective on shares of Cummins in a research report on Thursday, September 7th. Finally, Piper Jaffray Companies set a $170.00 price objective on shares of Cummins and gave the company a “hold” rating in a research report on Tuesday, October 31st. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company. Cummins currently has an average rating of “Hold” and an average target price of $176.41.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. Cummins’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.02 EPS. analysts expect that Cummins Inc. will post 10.19 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were issued a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Thursday, November 16th. Cummins’s dividend 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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