IFM Investors Pty Ltd increased its stake in shares of Cummins Inc. (NYSE:CMI) by 10.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,138 shares of the company’s stock after buying an additional 1,190 shares during the quarter. IFM Investors Pty Ltd’s holdings in Cummins were worth $2,563,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of CMI. Public Employees Retirement Association of Colorado lifted its holdings in Cummins by 7.3% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 27,308 shares of the company’s stock valued at $3,695,000 after purchasing an additional 1,869 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Cummins by 18.6% in the first quarter. Wellington Management Group LLP now owns 58,273 shares of the company’s stock worth $7,885,000 after acquiring an additional 9,129 shares during the period. Advisors Asset Management Inc. lifted its stake in Cummins by 7.6% in the first quarter. Advisors Asset Management Inc. now owns 12,633 shares of the company’s stock valued at $1,709,000 after buying an additional 896 shares during the period. CIBC World Markets Inc. lifted its stake in Cummins by 3.2% in the first quarter. CIBC World Markets Inc. now owns 7,811 shares of the company’s stock valued at $1,057,000 after buying an additional 245 shares during the period. Finally, AXA lifted its stake in Cummins by 20.0% in the first quarter. AXA now owns 96,742 shares of the company’s stock valued at $13,091,000 after buying an additional 16,100 shares during the period. Institutional investors and hedge funds own 82.40% of the company’s stock.
NYSE:CMI traded up $0.35 during trading on Friday, reaching $222.80. The company’s stock had a trading volume of 1,227,869 shares, compared to its average volume of 1,273,592. The firm has a market cap of $32.90 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 3.69 and a beta of 1.12. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.89 and a current ratio of 1.42. The firm has a 50 day moving average of $211.22 and a 200-day moving average of $181.49. Cummins Inc. has a 12 month low of $101.03 and a 12 month high of $227.15.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Thursday, November 19th. This is a boost from Cummins’s previous quarterly dividend of $1.31. Cummins’s dividend payout ratio is currently 34.82%.
Several equities analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Cummins from $145.00 to $171.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Sanford C. Bernstein started coverage on Cummins in a research note on Tuesday, September 22nd. They issued an “outperform” rating and a $255.00 price target on the stock. Melius downgraded Cummins from an “overweight” rating to a “neutral” rating in a report on Friday, August 21st. Cowen boosted their price objective on Cummins from $171.00 to $199.00 and gave the company a “market perform” rating in a report on Friday, August 7th. Finally, Wells Fargo & Company boosted their price objective on Cummins from $235.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, September 25th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $204.33.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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