Algert Global LLC acquired a new stake in Cummins Inc. (NYSE:CMI) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 25,604 shares of the company’s stock, valued at approximately $3,740,000. Cummins makes up approximately 0.8% of Algert Global LLC’s investment portfolio, making the stock its 20th biggest holding.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Boston Partners boosted its stake in shares of Cummins by 45.4% during the 2nd quarter. Boston Partners now owns 4,918,989 shares of the company’s stock worth $654,225,000 after acquiring an additional 1,534,792 shares in the last quarter. LSV Asset Management boosted its stake in shares of Cummins by 79.7% during the 3rd quarter. LSV Asset Management now owns 3,234,527 shares of the company’s stock worth $472,467,000 after acquiring an additional 1,434,282 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Cummins by 12.1% during the 3rd quarter. American Century Companies Inc. now owns 2,518,910 shares of the company’s stock worth $367,937,000 after acquiring an additional 271,489 shares in the last quarter. FMR LLC boosted its stake in shares of Cummins by 11.6% during the 2nd quarter. FMR LLC now owns 2,385,506 shares of the company’s stock worth $317,272,000 after acquiring an additional 248,721 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Cummins by 33.4% during the 3rd quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock worth $340,407,000 after acquiring an additional 583,376 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors.
Shares of CMI opened at $146.37 on Thursday. 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 firm has a market capitalization of $24.25 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 0.83 and a beta of 1.17. Cummins Inc. has a fifty-two week low of $124.72 and a fifty-two week high of $194.18.
Cummins (NYSE:CMI) last issued its quarterly 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 during 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 revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.71 EPS. On average, analysts forecast that Cummins Inc. will post 15.34 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th were issued a $1.14 dividend. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $4.56 annualized dividend and a yield of 3.12%. Cummins’s dividend payout ratio (DPR) is presently 42.94%.
Cummins declared that its Board of Directors has authorized a stock buyback plan on Tuesday, October 9th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 8.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
CMI has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered Cummins from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $156.00 to $137.00 in a research note on Friday, August 24th. Zacks Investment Research raised 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. Wells Fargo & Co reaffirmed a “hold” rating and issued a $145.00 target price (down previously from $158.00) on shares of Cummins in a research note on Tuesday, October 30th. Loop Capital initiated coverage on Cummins in a research note on Wednesday, October 17th. They issued a “buy” rating and a $170.00 target price on the stock. Finally, ValuEngine raised Cummins from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company’s stock. Cummins currently has an average rating of “Hold” and a consensus price target of $162.89.
In other Cummins news, CAO Marya M. Rose sold 14,579 shares of the business’s stock in a transaction on Monday, October 8th. The stock was sold at an average price of $151.07, for a total value of $2,202,449.53. Following the completion of the transaction, the chief accounting officer now directly owns 24,424 shares in the company, valued at approximately $3,689,733.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Pat Ward sold 4,503 shares of the business’s stock in a transaction on Wednesday, October 3rd. The shares were sold at an average price of $148.93, for a total value of $670,631.79. The disclosure for this sale can be found here. Insiders sold a total of 27,090 shares of company stock valued at $4,062,754 over the last quarter. 0.67% of the stock is currently owned by insiders.
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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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