Empowered Funds LLC Boosts Holdings in Cummins Inc. (NYSE:CMI)

Empowered Funds LLC boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 15.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,617 shares of the company's stock after buying an additional 3,265 shares during the period. Empowered Funds LLC's holdings in Cummins were worth $7,971,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins during the second quarter valued at approximately $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins during the 2nd quarter worth $28,000. Lynx Investment Advisory acquired a new stake in Cummins in the second quarter valued at about $29,000. LRI Investments LLC acquired a new stake in Cummins in the first quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Cummins in the third quarter valued at about $34,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 0.5 %

Shares of CMI traded down $1.88 during trading hours on Friday, hitting $361.85. The stock had a trading volume of 536,110 shares, compared to its average volume of 1,481,105. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.21. The firm has a market capitalization of $49.64 billion, a P/E ratio of 23.90, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97. The firm has a 50 day simple moving average of $328.91 and a 200-day simple moving average of $301.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the previous year, the company posted $4.73 earnings per share. The company's quarterly revenue was up .3% on a year-over-year basis. Sell-side analysts predict that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.01%. Cummins's payout ratio is 48.08%.

Insider Activity

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm's stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 162 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,576 shares of company stock worth $9,033,945 over the last three months. 0.56% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on CMI. Evercore ISI upgraded shares of Cummins from an "in-line" rating to an "outperform" rating and raised their price target for the company from $294.00 to $408.00 in a research note on Wednesday. Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a report on Friday, October 11th. StockNews.com raised Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group upped their target price on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus target price of $334.33.

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.