Aull & Monroe Investment Management Corp grew its position in Cummins Inc. (NYSE:CMI) by 16.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 6,400 shares of the company’s stock after acquiring an additional 900 shares during the quarter. Aull & Monroe Investment Management Corp’s holdings in Cummins were worth $935,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in CMI. Edge Wealth Management LLC purchased a new position in shares of Cummins in the 3rd quarter valued at approximately $102,000. Migdal Insurance & Financial Holdings Ltd. raised its position in Cummins by 5,873.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after buying an additional 881 shares during the last quarter. MHI Funds LLC purchased a new position in Cummins during the 2nd quarter worth approximately $147,000. Qube Research & Technologies Ltd purchased a new position in Cummins during the 2nd quarter worth approximately $155,000. Finally, Centaurus Financial Inc. raised its position in Cummins by 73.2% during the 2nd quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock worth $164,000 after buying an additional 520 shares during the last quarter. Institutional investors and hedge funds own 79.42% of the company’s stock.
In related news, VP Tracy A. Embree sold 462 shares of Cummins stock in a transaction on Monday, August 6th. The shares were sold at an average price of $141.70, for a total value of $65,465.40. Following the sale, the vice president now owns 4,122 shares of the company’s stock, valued at approximately $584,087.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mark Andrew Smith sold 501 shares of Cummins stock in a transaction on Tuesday, October 9th. The shares were sold at an average price of $153.27, for a total transaction of $76,788.27. Following the completion of the sale, the vice president now directly owns 4,463 shares in the company, valued at approximately $684,044.01. The disclosure for this sale can be found here. Insiders sold a total of 25,352 shares of company stock worth $3,811,385 in the last three months. 0.62% of the stock is owned by corporate insiders.
A number of equities analysts have issued reports on CMI shares. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $166.00 price target for the company in a research report on Wednesday, September 26th. JPMorgan Chase & Co. lowered shares of Cummins from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $156.00 to $137.00 in a research report on Friday, August 24th. Stifel Nicolaus reaffirmed a “buy” rating and set a $172.00 target price on shares of Cummins in a report on Monday, October 1st. Piper Jaffray Companies raised shares of Cummins from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $143.00 to $188.00 in a report on Thursday, October 4th. Finally, Bank of America lifted their target price on shares of Cummins from $157.00 to $160.00 and gave the company a “neutral” rating in a report on Tuesday, October 9th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the stock. Cummins currently has a consensus rating of “Hold” and an average price target of $164.05.
Cummins stock opened at $142.19 on Friday. Cummins Inc. has a 1 year low of $124.72 and a 1 year high of $194.18. The firm has a market capitalization of $22.15 billion, a P/E ratio of 13.39, a P/E/G ratio of 0.75 and a beta of 1.12. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.54.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.76 by $0.29. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The firm had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.96 billion. During the same quarter last year, the company earned $2.71 EPS. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. As a group, analysts forecast that Cummins Inc. will post 15.05 EPS for the current year.
Cummins announced that its board has initiated a share repurchase plan on Tuesday, October 9th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 8.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 15th will be paid a $1.14 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $4.56 dividend on an annualized basis and a yield of 3.21%. Cummins’s dividend payout ratio is currently 42.94%.
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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