US Bancorp DE raised its holdings in Cummins Inc. (NYSE:CMI) by 1.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 123,961 shares of the company’s stock after purchasing an additional 1,663 shares during the quarter. US Bancorp DE owned 0.08% of Cummins worth $18,107,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of CMI. Boston Partners boosted its holdings in Cummins by 45.4% in the second quarter. Boston Partners now owns 4,918,989 shares of the company’s stock valued at $654,225,000 after purchasing an additional 1,534,792 shares during the last quarter. LSV Asset Management boosted its stake in shares of Cummins by 76.6% during the 2nd quarter. LSV Asset Management now owns 1,800,245 shares of the company’s stock worth $239,432,000 after acquiring an additional 781,118 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Cummins by 134.3% during the 2nd quarter. Renaissance Technologies LLC now owns 780,300 shares of the company’s stock worth $103,780,000 after acquiring an additional 447,336 shares in the last quarter. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Cummins during the 3rd quarter worth about $63,360,000. Finally, Advisors Asset Management Inc. boosted its stake in shares of Cummins by 865.7% during the 2nd quarter. Advisors Asset Management Inc. now owns 345,618 shares of the company’s stock worth $3,875,000 after acquiring an additional 309,827 shares in the last quarter. 79.79% of the stock is currently owned by institutional investors.
Several equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $157.00 target price on the stock in a research note on Tuesday, October 23rd. Bank of America increased their target price on shares of Cummins from $154.00 to $157.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 1st. Mizuho set a $145.00 target price on shares of Cummins and gave the stock a “hold” rating in a research note on Wednesday, October 31st. UBS Group set a $130.00 target price on shares of Cummins and gave the stock a “sell” rating in a research note on Tuesday. Finally, ValuEngine lowered shares of Cummins from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have given a buy rating to the stock. Cummins has an average rating of “Hold” and an average price target of $163.30.
CMI opened at $145.11 on Wednesday. Cummins Inc. has a twelve month low of $124.72 and a twelve month high of $194.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.94. The stock has a market cap of $22.77 billion, a P/E ratio of 13.66, a P/E/G ratio of 0.77 and a beta of 1.16.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share for the quarter, topping the 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 during the quarter, compared to the consensus estimate of $5.96 billion. During the same quarter in the prior year, the firm earned $2.71 EPS. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 15.34 earnings per share for the current fiscal year.
The business 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 dividend of $1.14 per share. The ex-dividend date is Wednesday, November 14th. This represents a $4.56 annualized dividend and a dividend yield of 3.14%. Cummins’s dividend payout ratio (DPR) is presently 42.94%.
Cummins declared that its board has authorized a stock repurchase program on Tuesday, October 9th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 8.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In related news, insider Tony Satterthwaite sold 830 shares of the company’s stock in a transaction dated Monday, November 5th. The shares were sold at an average price of $141.61, for a total transaction of $117,536.30. Following the completion of the transaction, the insider now owns 40,371 shares in the company, valued at approximately $5,716,937.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Mark Andrew Smith sold 501 shares of the company’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total transaction of $76,788.27. Following the transaction, the vice president now owns 4,463 shares of the company’s stock, valued at approximately $684,044.01. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,495 shares of company stock valued at $3,974,777. Insiders own 0.67% of the company’s stock.
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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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