Freedom Investment Management Inc. Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Freedom Investment Management Inc. boosted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 405.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,663 shares of the company's stock after buying an additional 2,938 shares during the period. Freedom Investment Management Inc.'s holdings in Cummins were worth $1,186,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Janus Henderson Group PLC boosted its position in shares of Cummins by 15.8% in the first quarter. Janus Henderson Group PLC now owns 80,727 shares of the company's stock valued at $23,770,000 after acquiring an additional 11,033 shares during the period. B. Riley Wealth Advisors Inc. raised its stake in shares of Cummins by 15.4% in the first quarter. B. Riley Wealth Advisors Inc. now owns 7,254 shares of the company's stock valued at $2,137,000 after purchasing an additional 966 shares in the last quarter. LRI Investments LLC acquired a new position in shares of Cummins in the first quarter valued at $31,000. Swedbank AB acquired a new position in shares of Cummins in the first quarter valued at $44,489,000. Finally, Cetera Investment Advisers raised its stake in shares of Cummins by 394.8% in the first quarter. Cetera Investment Advisers now owns 55,046 shares of the company's stock valued at $16,220,000 after purchasing an additional 43,921 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Down 1.7 %

NYSE:CMI traded down $6.36 on Thursday, hitting $371.03. The stock had a trading volume of 549,974 shares, compared to its average volume of 1,446,962. The business's fifty day moving average is $341.43 and its 200 day moving average is $306.67. The company has a market cap of $50.90 billion, a PE ratio of 24.51, a P/E/G ratio of 1.82 and a beta of 0.97. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52 week low of $222.75 and a 52 week high of $379.66.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $4.73 earnings per share. On average, equities research analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Friday, November 22nd. Cummins's dividend payout ratio (DPR) is presently 48.08%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last ninety days. 0.56% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CMI has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their target price on Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research note on Friday, October 11th. Evercore ISI upgraded Cummins from an "in-line" rating to an "outperform" rating and raised their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Vertical Research cut Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Finally, Robert W. Baird raised their target price on Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $337.67.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.