Murphy Pohlad Asset Management LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 3.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,815 shares of the company’s stock after acquiring an additional 440 shares during the period. Cummins accounts for 1.4% of Murphy Pohlad Asset Management LLC’s holdings, making the stock its 29th biggest position. Murphy Pohlad Asset Management LLC’s holdings in Cummins were worth $3,320,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of CMI. CVA Family Office LLC acquired a new stake in Cummins in the first quarter valued at about $25,000. Ellevest Inc. purchased a new position in shares of Cummins during the fourth quarter valued at approximately $28,000. Montag A & Associates Inc. purchased a new position in Cummins in the fourth quarter worth $29,000. Veritas Investment Partners UK Ltd. purchased a new position in Cummins in the fourth quarter worth $31,000. Finally, Regent Peak Wealth Advisors LLC purchased a new position in shares of Cummins during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 81.07% of the company’s stock.
Several equities analysts have recently commented on the company. Vertical Research started coverage on Cummins in a research report on Wednesday, January 20th. They set a “hold” rating on the stock. Morgan Stanley increased their target price on Cummins from $238.00 to $260.00 and gave the stock an “equal weight” rating in a research report on Monday. Jefferies Financial Group raised Cummins from a “hold” rating to a “buy” rating and raised their price objective for the company from $250.00 to $325.00 in a research report on Wednesday, March 10th. Deutsche Bank Aktiengesellschaft raised their price objective on Cummins from $252.00 to $260.00 and gave the company a “hold” rating in a research report on Monday. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price objective on Cummins from $265.00 to $315.00 in a research report on Tuesday, March 16th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and seven have given a buy rating to the company. Cummins has a consensus rating of “Hold” and a consensus target price of $235.71.
CMI stock traded down $0.19 during midday trading on Thursday, hitting $262.88. The company’s stock had a trading volume of 15,791 shares, compared to its average volume of 1,115,053. The firm has a market capitalization of $38.52 billion, a P/E ratio of 24.88, a PEG ratio of 1.94 and a beta of 1.09. The firm has a 50-day simple moving average of $263.39 and a 200-day simple moving average of $239.35. Cummins Inc. has a 52-week low of $143.32 and a 52-week high of $277.09. The company has a quick ratio of 1.33, a current ratio of 1.94 and a debt-to-equity ratio of 0.42.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Wednesday, February 3rd. The company reported $3.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.74 by $0.62. Cummins had a net margin of 8.12% and a return on equity of 20.30%. The business had revenue of $5.83 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period in the previous year, the business posted $2.56 earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year. On average, sell-side analysts expect that Cummins Inc. will post 11.41 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 4th. Investors of record on Friday, February 19th were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Thursday, February 18th. Cummins’s payout ratio is 35.88%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.
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