BlackRock Inc. Has $2.92 Billion Stake in Cummins Inc. (NYSE:CMI)

BlackRock Inc. grew its holdings in Cummins Inc. (NYSE:CMI) by 5.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,218,003 shares of the company’s stock after purchasing an additional 645,553 shares during the quarter. BlackRock Inc. owned about 8.63% of Cummins worth $2,918,637,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Bleakley Financial Group LLC raised its holdings in Cummins by 4.5% during the 1st quarter. Bleakley Financial Group LLC now owns 7,830 shares of the company’s stock worth $1,870,000 after purchasing an additional 337 shares during the last quarter. MML Investors Services LLC lifted its stake in shares of Cummins by 19.5% in the 1st quarter. MML Investors Services LLC now owns 18,793 shares of the company’s stock valued at $4,489,000 after purchasing an additional 3,072 shares during the period. Argent Trust Co increased its holdings in Cummins by 10.6% in the first quarter. Argent Trust Co now owns 6,270 shares of the company’s stock valued at $1,498,000 after purchasing an additional 601 shares during the last quarter. Prudential Financial Inc. increased its stake in Cummins by 1.3% in the first quarter. Prudential Financial Inc. now owns 127,745 shares of the company’s stock valued at $26,802,000 after purchasing an additional 1,687 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in Cummins by 2.4% in the first quarter. CIBC Asset Management Inc now owns 25,646 shares of the company’s stock worth $6,126,000 after purchasing an additional 605 shares during the period. Institutional investors own 81.81% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on CMI shares. 888 reissued a “maintains” rating on shares of Cummins in a research note on Wednesday, May 31st. Citigroup raised their price objective on Cummins from $265.00 to $290.00 and gave the company a “buy” rating in a report on Tuesday, July 18th. StockNews.com started coverage on Cummins in a research report on Thursday, August 17th. They set a “buy” rating for the company. The Goldman Sachs Group increased their price objective on Cummins from $241.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, August 4th. Finally, Credit Suisse Group dropped their price target on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $266.17.

Cummins Stock Performance

NYSE CMI opened at $232.71 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.85 and a current ratio of 1.40. The firm has a 50-day moving average of $244.34 and a 200-day moving average of $235.47. Cummins Inc. has a 52-week low of $200.40 and a 52-week high of $265.28. The stock has a market cap of $32.96 billion, a PE ratio of 13.04, a P/E/G ratio of 1.16 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $5.18 EPS for the quarter, missing analysts’ consensus estimates of $5.19 by ($0.01). The company had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.39 billion. Cummins had a return on equity of 25.46% and a net margin of 7.89%. Cummins’s revenue was up 30.6% on a year-over-year basis. During the same quarter last year, the business earned $4.77 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 19.91 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Friday, August 25th were given a dividend of $1.68 per share. This is a boost from Cummins’s previous quarterly dividend of $1.57. The ex-dividend date was Thursday, August 24th. This represents a $6.72 annualized dividend and a yield of 2.89%. Cummins’s dividend payout ratio is currently 37.65%.

Cummins Company Profile

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.