Greenleaf Trust acquired a new stake in Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,966 shares of the company’s stock, valued at approximately $287,000.
Other institutional investors also recently bought and sold shares of the company. Edge Wealth Management LLC acquired a new stake in Cummins during the third quarter valued at approximately $102,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Cummins by 5,873.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock valued at $119,000 after purchasing an additional 881 shares during the last quarter. MHI Funds LLC acquired a new stake in Cummins during the second quarter valued at approximately $147,000. Qube Research & Technologies Ltd acquired a new stake in Cummins during the second quarter valued at approximately $155,000. Finally, Centaurus Financial Inc. lifted its stake in Cummins by 73.2% during the second 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. Institutional investors and hedge funds own 79.42% of the company’s stock.
In other Cummins news, VP Tracy A. Embree sold 462 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now owns 4,122 shares in the company, valued at approximately $584,087.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jill E. Cook sold 5,307 shares of the stock in a transaction that occurred on Wednesday, October 3rd. The stock was sold at an average price of $150.00, for a total transaction of $796,050.00. Following the completion of the sale, the insider now owns 14,985 shares of the company’s stock, valued at approximately $2,247,750. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,352 shares of company stock valued at $3,811,385. 0.62% of the stock is owned by insiders.
Shares of NYSE:CMI opened at $141.83 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 1.03. The company has a market capitalization of $21.95 billion, a P/E ratio of 13.35, a PEG ratio of 0.76 and a beta of 1.16. Cummins Inc. has a 52 week low of $124.72 and a 52 week high of $194.18.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.76 by $0.29. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.96 billion. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The firm’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.71 EPS. On average, research analysts expect that Cummins Inc. will post 15.33 earnings per share for the current year.
Cummins announced that its board has initiated a share repurchase program on Tuesday, October 9th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 8.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are 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 given a $1.14 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $4.56 annualized dividend and a dividend yield of 3.22%. Cummins’s dividend payout ratio (DPR) is presently 42.94%.
Several research firms recently commented on CMI. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday, August 27th. Oppenheimer cut their target price on shares of Cummins from $168.00 to $192.00 and set an “outperform” rating for the company in a research note on Monday, July 23rd. Stifel Nicolaus set a $156.00 target price on shares of Cummins and gave the company a “buy” rating in a research note on Monday, September 10th. ValuEngine lowered shares of Cummins from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Finally, Bank of America increased their target price on shares of Cummins from $154.00 to $157.00 and gave the company a “neutral” rating in a research note on Wednesday, August 1st. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $163.60.
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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