Piedmont Investment Advisors LLC Boosts Stake in Cummins Inc. (CMI)

Piedmont Investment Advisors LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 90.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 45,681 shares of the company’s stock after buying an additional 21,681 shares during the period. Piedmont Investment Advisors LLC’s holdings in Cummins were worth $7,676,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the company. Good Life Advisors LLC grew its holdings in Cummins by 0.6% during the 2nd quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock valued at $243,000 after purchasing an additional 9 shares during the last quarter. Northwest Quadrant Wealth Management LLC grew its holdings in Cummins by 0.5% during the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 2,251 shares of the company’s stock valued at $360,000 after purchasing an additional 11 shares during the last quarter. Bessemer Group Inc. grew its holdings in Cummins by 1.1% during the 2nd quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock valued at $187,000 after purchasing an additional 12 shares during the last quarter. Texas Yale Capital Corp. grew its holdings in Cummins by 1.3% during the 2nd quarter. Texas Yale Capital Corp. now owns 2,016 shares of the company’s stock valued at $327,000 after purchasing an additional 25 shares during the last quarter. Finally, First Interstate Bank grew its holdings in Cummins by 2.7% during the 2nd quarter. First Interstate Bank now owns 956 shares of the company’s stock valued at $155,000 after purchasing an additional 25 shares during the last quarter. Hedge funds and other institutional investors own 82.50% of the company’s stock.

Several research firms have issued reports on CMI. Stifel Nicolaus reissued a “hold” rating and issued a $190.00 price objective (up from $186.00) on shares of Cummins in a research report on Wednesday, November 1st. Buckingham Research began coverage on shares of Cummins in a research report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price objective for the company. BMO Capital Markets boosted their price objective on shares of Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a research report on Wednesday, November 8th. Jefferies Group boosted their price objective on shares of Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a research report on Wednesday, November 1st. Finally, ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Saturday, November 25th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the stock. Cummins presently has an average rating of “Hold” and a consensus target price of $178.69.

Shares of Cummins Inc. (NYSE:CMI) opened at $169.58 on Thursday. Cummins Inc. has a 52-week low of $134.06 and a 52-week high of $181.79. The firm has a market cap of $28,085.02, a P/E ratio of 17.18, a PEG ratio of 1.40 and a beta of 1.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.03.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $4.79 billion. During the same quarter in the prior year, the company earned $2.02 EPS. The company’s revenue was up 26.2% compared to the same quarter last year. research analysts expect that Cummins Inc. will post 10.19 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 17th were given a $1.08 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.55%. Cummins’s payout ratio is presently 43.86%.

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About Cummins

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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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