Morse Asset Management Inc increased its holdings in Cummins Inc. (NYSE:CMI) by 53.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,432 shares of the company’s stock after purchasing an additional 12,064 shares during the period. Cummins accounts for 1.3% of Morse Asset Management Inc’s holdings, making the stock its 23rd biggest holding. Morse Asset Management Inc’s holdings in Cummins were worth $5,029,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Edge Wealth Management LLC purchased a new position in Cummins in the 3rd quarter worth approximately $102,000. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Cummins by 5,873.3% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after purchasing an additional 881 shares in the last quarter. MHI Funds LLC purchased a new position in Cummins in the 2nd quarter worth approximately $147,000. Qube Research & Technologies Ltd purchased a new position in Cummins in the 2nd quarter worth approximately $155,000. Finally, Centaurus Financial Inc. lifted its holdings in Cummins by 73.2% in the 2nd quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock worth $164,000 after purchasing an additional 520 shares in the last quarter. 79.42% of the stock is currently owned by institutional investors.
CMI has been the topic of a number of research analyst reports. Stifel Nicolaus set a $156.00 price target on Cummins and gave the stock a “buy” rating in a report on Monday, September 10th. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $157.00 price target on the stock in a report on Friday, August 3rd. Loop Capital initiated coverage on Cummins in a report on Wednesday, October 17th. They issued a “buy” rating and a $170.00 price target on the stock. Finally, Oppenheimer reissued a “buy” rating and issued a $164.00 price target on shares of Cummins in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $163.60.
Shares of CMI opened at $141.83 on Friday. The company has a market cap of $21.95 billion, a PE ratio of 13.35, a PEG ratio of 0.76 and a beta of 1.16. Cummins Inc. has a 1 year low of $124.72 and a 1 year high of $194.18. 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 issued its quarterly earnings data 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. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.96 billion. Cummins had a return on equity of 29.17% and a net margin of 5.57%. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.71 EPS. As a group, equities analysts forecast that Cummins Inc. will post 15.33 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be issued a dividend of $1.14 per share. 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 42.94%.
Cummins declared that its board has authorized a stock buyback plan on Tuesday, October 9th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, VP Tracy A. Embree sold 462 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $141.70, for a total transaction of $65,465.40. Following the transaction, 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 SEC, which is accessible through the SEC website. Also, VP Mark Andrew Smith sold 501 shares of the business’s stock in a transaction that occurred on Tuesday, October 9th. The shares were sold at an average price of $153.27, for a total value of $76,788.27. Following the transaction, 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. In the last three months, insiders have sold 25,352 shares of company stock worth $3,811,385. Corporate insiders own 0.62% of the company’s stock.
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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