Focused Wealth Management Inc increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 20.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 600 shares of the company’s stock after buying an additional 100 shares during the quarter. Focused Wealth Management Inc’s holdings in Cummins were worth $107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in the stock. BlackRock Inc. grew its stake in Cummins by 5.8% during the 2nd quarter. BlackRock Inc. now owns 11,488,896 shares of the company’s stock worth $1,968,509,000 after buying an additional 629,235 shares during the last quarter. State Street Corp lifted its position in Cummins by 0.7% during the 3rd quarter. State Street Corp now owns 10,542,424 shares of the company’s stock worth $1,714,936,000 after acquiring an additional 76,432 shares during the period. Nuveen Asset Management LLC lifted its position in Cummins by 445.2% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,155,182 shares of the company’s stock worth $197,928,000 after acquiring an additional 943,285 shares during the period. Royal Bank of Canada lifted its position in Cummins by 63.0% during the 2nd quarter. Royal Bank of Canada now owns 887,324 shares of the company’s stock worth $152,033,000 after acquiring an additional 343,005 shares during the period. Finally, Beutel Goodman & Co Ltd. lifted its position in Cummins by 7.7% during the 3rd quarter. Beutel Goodman & Co Ltd. now owns 878,343 shares of the company’s stock worth $2,573,000 after acquiring an additional 62,978 shares during the period. Hedge funds and other institutional investors own 83.16% of the company’s stock.
CMI has been the subject of a number of research reports. Raymond James initiated coverage on Cummins in a research report on Wednesday, November 27th. They set a “market perform” rating for the company. Wells Fargo & Co raised Cummins from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $180.00 to $205.00 in a research report on Tuesday, January 14th. JPMorgan Chase & Co. lifted their price target on Cummins from $175.00 to $190.00 and gave the stock a “neutral” rating in a research report on Friday, December 20th. Cowen initiated coverage on Cummins in a research report on Thursday, January 9th. They set a “market perform” rating and a $173.00 price target for the company. Finally, UBS Group set a $162.00 price target on Cummins in a research report on Monday, December 16th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $178.41.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $3.83 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.84 by ($0.01). The company had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.87 billion. Cummins had a net margin of 10.53% and a return on equity of 28.52%. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same period last year, the firm earned $4.05 EPS. Sell-side analysts anticipate that Cummins Inc. will post 14.77 earnings per share for the current fiscal year.
Cummins declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 10th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 7.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Cummins Company Profile
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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