Security National Bank of Sioux City Iowa IA increased its stake in shares of Cummins Inc. (NYSE:CMI) by 8.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,341 shares of the company’s stock after acquiring an additional 500 shares during the quarter. Security National Bank of Sioux City Iowa IA’s holdings in Cummins were worth $926,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its holdings in shares of Cummins by 15.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 25,839 shares of the company’s stock valued at $3,437,000 after purchasing an additional 3,474 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Cummins by 5,873.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock valued at $119,000 after purchasing an additional 881 shares in the last quarter. IndexIQ Advisors LLC increased its holdings in shares of Cummins by 49.7% in the second quarter. IndexIQ Advisors LLC now owns 40,927 shares of the company’s stock valued at $5,443,000 after purchasing an additional 13,581 shares in the last quarter. Sigma Planning Corp increased its holdings in shares of Cummins by 21.8% in the second quarter. Sigma Planning Corp now owns 5,036 shares of the company’s stock valued at $670,000 after purchasing an additional 902 shares in the last quarter. Finally, Alps Advisors Inc. increased its holdings in shares of Cummins by 84.6% in the second quarter. Alps Advisors Inc. now owns 9,634 shares of the company’s stock valued at $1,281,000 after purchasing an additional 4,414 shares in the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.
CMI has been the subject of a number of research reports. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $166.00 price target for the company in a report on Wednesday, September 26th. Stifel Nicolaus reissued a “buy” rating and issued a $172.00 price target on shares of Cummins in a report on Monday, October 1st. JPMorgan Chase & Co. lowered shares of Cummins from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $156.00 to $137.00 in a report on Friday, August 24th. Morgan Stanley lowered their price target on shares of Cummins from $165.00 to $151.00 and set a “hold” rating for the company in a report on Wednesday, October 31st. Finally, Bank of America raised their price target on shares of Cummins from $157.00 to $160.00 and gave the company a “neutral” rating in a report on Tuesday, October 9th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $163.16.
In other news, CAO Marya M. Rose sold 10,970 shares of Cummins stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $155.00, for a total transaction of $1,700,350.00. Following the transaction, the chief accounting officer now directly owns 26,035 shares of the company’s stock, valued at $4,035,425. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 41,541 shares of company stock worth $6,302,659. Insiders own 0.62% of the company’s stock.
CMI stock traded down $5.69 during midday trading on Thursday, reaching $140.68. The company’s stock had a trading volume of 375,195 shares, compared to its average volume of 1,374,963. Cummins Inc. has a 52 week low of $124.72 and a 52 week high of $194.18. The stock has a market cap of $23.50 billion, a PE ratio of 13.25, a PEG ratio of 0.80 and a beta of 1.17. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 1.54.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $5.96 billion. During the same period last year, the firm earned $2.71 earnings per share. The business’s revenue for the quarter was up 12.5% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 15.34 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th were paid a $1.14 dividend. The ex-dividend date was Wednesday, November 14th. This represents a $4.56 dividend on an annualized basis and a yield of 3.24%. Cummins’s payout ratio is presently 42.94%.
Cummins declared that its Board of Directors has authorized a share repurchase program on Tuesday, October 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 8.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
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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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