Raub Brock Capital Management LP cut its position in shares of Cummins Inc. (NYSE:CMI) by 3.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,604 shares of the company’s stock after selling 3,887 shares during the quarter. Cummins accounts for about 4.6% of Raub Brock Capital Management LP’s investment portfolio, making the stock its 7th largest holding. Raub Brock Capital Management LP owned about 0.06% of Cummins worth $18,654,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Boston Partners bought a new stake in Cummins in the third quarter valued at $416,229,000. AJO LP lifted its stake in Cummins by 11,096.3% in the second quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after buying an additional 1,139,586 shares during the last quarter. Franklin Resources Inc. lifted its stake in Cummins by 434.1% in the second quarter. Franklin Resources Inc. now owns 1,380,233 shares of the company’s stock valued at $223,902,000 after buying an additional 1,121,833 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Cummins by 82.5% in the second quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock valued at $319,426,000 after buying an additional 890,404 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Cummins by 784.9% in the second quarter. Janus Henderson Group PLC now owns 784,776 shares of the company’s stock valued at $127,307,000 after buying an additional 696,090 shares during the last quarter. Hedge funds and other institutional investors own 82.31% of the company’s stock.
A number of research firms have issued reports on CMI. Oppenheimer began coverage on Cummins in a research note on Thursday, December 7th. They issued an “outperform” rating and a $192.00 target price on the stock. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $187.00 target price on the stock in a research note on Thursday, September 21st. Stifel Nicolaus reiterated a “hold” rating and issued a $190.00 target price (up from $186.00) on shares of Cummins in a research note on Wednesday, November 1st. Robert W. Baird reiterated a “sell” rating and issued a $155.00 target price on shares of Cummins in a research note on Wednesday, November 1st. Finally, Goldman Sachs Group cut shares of Cummins from a “buy” rating to a “neutral” rating and set a $180.00 price objective on the stock. in a research note on Thursday, November 30th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $178.69.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.24. The business had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company’s revenue was up 26.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.02 earnings per share. analysts expect that Cummins Inc. will post 10.19 EPS for the current year.
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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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