NEXT Financial Group Inc reduced its position in Cummins Inc. (NYSE:CMI) by 24.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 7,403 shares of the company’s stock after selling 2,354 shares during the quarter. NEXT Financial Group Inc’s holdings in Cummins were worth $1,325,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Allred Capital Management LLC purchased a new stake in shares of Cummins in the fourth quarter valued at about $31,000. Simon Quick Advisors LLC acquired a new position in shares of Cummins during the fourth quarter worth about $42,000. Steward Partners Investment Advisory LLC increased its stake in shares of Cummins by 31.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 258 shares of the company’s stock worth $46,000 after acquiring an additional 61 shares during the period. Assetmark Inc. raised its holdings in Cummins by 31.7% during the second quarter. Assetmark Inc. now owns 291 shares of the company’s stock worth $50,000 after purchasing an additional 70 shares in the last quarter. Finally, Delta Asset Management LLC TN raised its holdings in Cummins by 34.2% during the third quarter. Delta Asset Management LLC TN now owns 314 shares of the company’s stock worth $51,000 after purchasing an additional 80 shares in the last quarter. 83.16% of the stock is currently owned by institutional investors.
A number of equities research analysts recently commented on CMI shares. Cfra downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. ValuEngine cut Cummins from a “hold” rating to a “sell” rating in a research report on Saturday, January 4th. Raymond James initiated coverage on Cummins in a research note on Wednesday, November 27th. They set a “market perform” rating for the company. Royal Bank of Canada reissued a “hold” rating and issued a $185.00 price target (up from $167.00) on shares of Cummins in a report on Monday, November 25th. Finally, Barclays restated a “hold” rating and issued a $159.00 price target on shares of Cummins in a research note on Wednesday, October 16th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company’s stock. Cummins presently has an average rating of “Hold” and a consensus target price of $178.41.
Shares of Cummins stock opened at $171.07 on Wednesday. The company has a 50-day moving average of $178.04 and a two-hundred day moving average of $168.74. Cummins Inc. has a 12-month low of $140.88 and a 12-month high of $186.73. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.18. The stock has a market cap of $26.63 billion, a PE ratio of 10.65, a price-to-earnings-growth ratio of 2.05 and a beta of 1.14.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $3.83 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.84 by ($0.01). The firm had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.87 billion. Cummins had a return on equity of 28.52% and a net margin of 10.53%. Cummins’s revenue was down 2.9% compared to the same quarter last year. During the same period last year, the firm earned $4.05 EPS. On average, sell-side analysts forecast that Cummins Inc. will post 14.77 EPS for the current fiscal year.
Cummins declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 10th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 7.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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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