Moody National Bank Trust Division increased its position in shares of Cummins Inc. (NYSE:CMI) by 888.9% during the third quarter, Holdings Channel reports. The fund owned 36,195 shares of the company’s stock after acquiring an additional 32,535 shares during the quarter. Moody National Bank Trust Division’s holdings in Cummins were worth $5,287,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in CMI. Edge Wealth Management LLC acquired a new stake in Cummins during the third quarter worth approximately $102,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in Cummins by 5,873.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after acquiring an additional 881 shares during the last quarter. MHI Funds LLC acquired a new stake in Cummins during the second quarter worth approximately $147,000. Qube Research & Technologies Ltd acquired a new stake in Cummins during the second quarter worth approximately $155,000. Finally, Centaurus Financial Inc. boosted its holdings in shares of Cummins by 73.2% in the 2nd quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock valued at $164,000 after purchasing an additional 520 shares during the last quarter. Hedge funds and other institutional investors 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 transaction 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Pat Ward sold 4,503 shares of Cummins stock in a transaction on Wednesday, October 3rd. The stock was sold at an average price of $148.93, for a total transaction of $670,631.79. The disclosure for this sale can be found here. Insiders have sold a total of 25,352 shares of company stock worth $3,811,385 in the last ninety days. 0.62% of the stock is currently owned by insiders.
Cummins stock opened at $142.19 on Friday. Cummins Inc. has a 12-month low of $124.72 and a 12-month high of $194.18. The firm has a market cap of $22.15 billion, a P/E ratio of 13.39, a PEG ratio of 0.75 and a beta of 1.12. The company has a current ratio of 1.54, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.
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, topping the Thomson Reuters’ consensus estimate 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 the consensus estimate of $5.96 billion. During the same quarter in the previous year, the firm posted $2.71 EPS. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 15.05 EPS for the current fiscal year.
Cummins declared that its board has approved a stock buyback plan on Tuesday, October 9th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase 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 stock is undervalued.
The company 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 dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 3.21%. The ex-dividend date is Wednesday, November 14th. Cummins’s dividend payout ratio (DPR) is 42.94%.
A number of brokerages have weighed in on CMI. Mizuho set a $145.00 price target on shares of Cummins and gave the company a “hold” rating in a report on Wednesday. Morgan Stanley decreased their price target on shares of Cummins from $165.00 to $151.00 and set a “hold” rating on the stock in a report on Wednesday. Credit Suisse Group decreased their price target on shares of Cummins from $177.00 to $168.00 and set an “outperform” rating on the stock in a report on Wednesday. Robert W. Baird upgraded shares of Cummins from an “underperform” rating to a “neutral” rating in a report on Wednesday. Finally, Wells Fargo & Co reiterated a “hold” rating and issued a $145.00 price target (down previously from $158.00) on shares of Cummins in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $164.05.
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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