Russell Investments Group Ltd. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 15.4% during the 3rd quarter, Holdings Channel reports. The firm owned 193,930 shares of the company’s stock after selling 35,384 shares during the quarter. Russell Investments Group Ltd.’s holdings in Cummins were worth $28,407,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Edge Wealth Management LLC purchased a new position in shares of Cummins in the 3rd quarter worth $102,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of 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 buying an additional 881 shares during the last quarter. MHI Funds LLC purchased a new position in shares of Cummins in the 2nd quarter worth $147,000. Qube Research & Technologies Ltd purchased a new position in shares of Cummins in the 2nd quarter worth $155,000. Finally, Centaurus Financial Inc. boosted its stake in shares of 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 buying an additional 520 shares during the last quarter. Institutional investors and hedge funds own 79.42% of the company’s stock.
A number of equities analysts have recently issued reports on the company. Mizuho set a $145.00 price target on Cummins and gave the stock a “hold” rating in a research note on Wednesday. Morgan Stanley dropped their price target on Cummins from $165.00 to $151.00 and set a “hold” rating on the stock in a research note on Wednesday. Credit Suisse Group dropped their price target on Cummins from $177.00 to $168.00 and set an “outperform” rating on the stock in a research note on Wednesday. Robert W. Baird upgraded Cummins from an “underperform” rating to a “neutral” rating in a research note on Wednesday. Finally, Wells Fargo & Co restated a “hold” rating and issued a $145.00 price target (down from $158.00) on shares of Cummins in a research note on Tuesday, October 30th. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $163.60.
NYSE CMI opened at $141.83 on Friday. The firm has a market cap of $22.77 billion, a P/E ratio of 9.77, a P/E/G ratio of 0.77 and a beta of 1.16. 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 Inc. has a fifty-two week low of $124.72 and a fifty-two week high of $194.18.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $3.76 by $0.29. The company had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.96 billion. Cummins had a return on equity of 29.17% and a net margin of 5.57%. Cummins’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.71 earnings per share. On average, equities research analysts anticipate that Cummins Inc. will post 15.34 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 15th will be given 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 yield of 3.22%. Cummins’s dividend payout ratio (DPR) is presently 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 repurchase up to 8.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.
In related news, CAO Marya M. Rose sold 14,579 shares of Cummins stock in a transaction on Monday, October 8th. The stock was sold at an average price of $151.07, for a total transaction of $2,202,449.53. Following the transaction, the chief accounting officer now directly owns 24,424 shares in the company, valued at $3,689,733.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $76,788.27. Following the transaction, the vice president now owns 4,463 shares in the company, valued at $684,044.01. The disclosure for this sale can be found here. Insiders have sold 25,352 shares of company stock worth $3,811,385 over the last quarter. 0.62% of the stock is owned by company insiders.
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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