Strategic Wealth Partners Ltd. boosted its holdings in Cummins Inc. (NYSE:CMI) by 21.1% in the third quarter, Holdings Channel reports. The firm owned 8,198 shares of the company’s stock after purchasing an additional 1,429 shares during the period. Strategic Wealth Partners Ltd.’s holdings in Cummins were worth $1,198,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Great Lakes Advisors LLC bought a new position in Cummins during the 3rd quarter worth approximately $1,383,000. Morgan Stanley lifted its holdings in Cummins by 5.3% during the 3rd quarter. Morgan Stanley now owns 1,727,365 shares of the company’s stock worth $252,315,000 after buying an additional 86,791 shares during the last quarter. Legal & General Group Plc lifted its holdings in Cummins by 7.2% during the 3rd quarter. Legal & General Group Plc now owns 887,408 shares of the company’s stock worth $129,624,000 after buying an additional 59,419 shares during the last quarter. B. Riley Wealth Management Inc. bought a new position in Cummins during the 3rd quarter worth approximately $355,000. Finally, Nordea Investment Management AB lifted its holdings in Cummins by 2.1% during the 3rd quarter. Nordea Investment Management AB now owns 1,354,117 shares of the company’s stock worth $197,801,000 after buying an additional 27,494 shares during the last quarter. 80.72% of the stock is owned by hedge funds and other institutional investors.
In related news, CAO Marya M. Rose sold 14,579 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 24,424 shares in the company, valued at approximately $3,689,733.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Alexis M. Herman sold 775 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $143.64, for a total value of $111,321.00. Following the completion of the sale, the director now owns 30,069 shares in the company, valued at $4,319,111.16. The disclosure for this sale can be found here. Insiders have sold a total of 41,541 shares of company stock worth $6,302,659 over the last quarter. Insiders own 0.62% of the company’s stock.
Shares of Cummins stock traded down $6.19 on Thursday, reaching $140.18. 404,736 shares of the company were exchanged, compared to its average volume of 1,374,963. The company has a current ratio of 1.54, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $23.50 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 0.80 and a beta of 1.17. Cummins Inc. has a 1-year low of $124.72 and a 1-year high of $194.18.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share for the quarter, topping analysts’ consensus estimates of $3.76 by $0.29. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.96 billion. Cummins had a return on equity of 29.17% and a net margin of 5.57%. The business’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.71 EPS. Sell-side analysts predict that Cummins Inc. will post 15.34 earnings per share for the current year.
Cummins announced that its board has approved a stock repurchase plan on Tuesday, October 9th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 8.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th were given a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date was Wednesday, November 14th. Cummins’s payout ratio is 42.94%.
A number of research firms have commented on CMI. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $171.00 target price on the stock in a report on Thursday. ValuEngine raised Cummins from a “strong sell” rating to a “sell” rating in a report on Thursday, November 8th. UBS Group set a $130.00 target price on Cummins and gave the stock a “sell” rating in a report on Tuesday, November 6th. Mizuho set a $145.00 target price on Cummins and gave the stock a “hold” rating in a report on Wednesday, October 31st. Finally, Morgan Stanley reduced their target price on Cummins from $165.00 to $151.00 and set a “hold” rating on the stock in a report on Wednesday, October 31st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $163.16.
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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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