Bp Plc acquired a new stake in Cummins Inc. (NYSE:CMI) during the third quarter, HoldingsChannel.com reports. The firm acquired 19,000 shares of the company’s stock, valued at approximately $2,775,000.
Several other hedge funds also recently modified their holdings of CMI. Edge Wealth Management LLC bought a new position in shares of Cummins in the 3rd quarter valued at approximately $102,000. Migdal Insurance & Financial Holdings Ltd. raised 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 valued at $119,000 after acquiring an additional 881 shares in the last quarter. MHI Funds LLC bought a new position in shares of Cummins in the 2nd quarter valued at approximately $147,000. Qube Research & Technologies Ltd bought a new position in shares of Cummins in the 2nd quarter valued at approximately $155,000. Finally, Centaurus Financial Inc. increased its position 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 buying an additional 520 shares during the period. 79.79% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Mark Andrew Smith sold 501 shares of Cummins stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total transaction of $76,788.27. Following the sale, the vice president now owns 4,463 shares of the company’s stock, valued at approximately $684,044.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexis M. Herman sold 775 shares of Cummins stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $143.64, for a total value of $111,321.00. Following the sale, the director now directly owns 30,069 shares in the company, valued at approximately $4,319,111.16. The disclosure for this sale can be found here. Insiders have sold a total of 26,495 shares of company stock worth $3,974,777 in the last three months. 0.67% of the stock is owned by insiders.
CMI has been the topic of several recent analyst reports. JPMorgan Chase & Co. downgraded Cummins from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $156.00 to $137.00 in a research report on Friday, August 24th. Wells Fargo & Co set a $158.00 price target on Cummins and gave the stock a “hold” rating in a research report on Wednesday, August 1st. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Monday, September 3rd. ValuEngine raised Cummins from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Finally, Robert W. Baird raised Cummins from an “underperform” rating to a “neutral” rating in a research report on Wednesday, October 31st. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have assigned a buy rating to the stock. Cummins currently has an average rating of “Hold” and an average price target of $163.30.
Shares of NYSE:CMI opened at $145.11 on Wednesday. Cummins Inc. has a 1-year low of $124.72 and a 1-year high of $194.18. The company has a market cap of $22.77 billion, a PE ratio of 9.77, a PEG ratio of 0.77 and a beta of 1.16. The company has a current ratio of 1.54, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.76 by $0.29. Cummins had a return on equity of 29.17% and a net margin of 5.57%. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.96 billion. During the same quarter last year, the firm earned $2.71 EPS. Cummins’s revenue for the quarter was up 12.5% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 15.34 EPS for the current year.
Cummins announced that its Board of Directors has authorized a stock buyback program on Tuesday, October 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to buy up to 8.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
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. This represents a $4.56 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Wednesday, November 14th. Cummins’s payout ratio is presently 42.94%.
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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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