Seizert Capital Partners LLC lowered its stake in Cummins Inc. (NYSE:CMI - Free Report) by 11.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 23,897 shares of the company's stock after selling 3,073 shares during the period. Seizert Capital Partners LLC's holdings in Cummins were worth $7,738,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of the stock. River Street Advisors LLC raised its position in shares of Cummins by 3.9% during the 3rd quarter. River Street Advisors LLC now owns 6,080 shares of the company's stock valued at $1,969,000 after acquiring an additional 229 shares in the last quarter. Natixis Advisors LLC increased its stake in Cummins by 2.2% during the third quarter. Natixis Advisors LLC now owns 98,665 shares of the company's stock valued at $31,946,000 after purchasing an additional 2,092 shares during the last quarter. Mizuho Securities USA LLC raised its holdings in shares of Cummins by 673.6% during the third quarter. Mizuho Securities USA LLC now owns 81,573 shares of the company's stock worth $26,413,000 after purchasing an additional 71,028 shares during the period. Empowered Funds LLC lifted its position in shares of Cummins by 15.3% in the 3rd quarter. Empowered Funds LLC now owns 24,617 shares of the company's stock worth $7,971,000 after buying an additional 3,265 shares during the last quarter. Finally, Empirical Finance LLC boosted its holdings in shares of Cummins by 1.8% in the 3rd quarter. Empirical Finance LLC now owns 4,838 shares of the company's stock valued at $1,566,000 after buying an additional 84 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.
Cummins Price Performance
Cummins stock traded down $1.88 during mid-day trading on Friday, hitting $361.85. The company's stock had a trading volume of 536,110 shares, compared to its average volume of 683,149. The stock has a market capitalization of $49.64 billion, a P/E ratio of 23.90, a P/E/G ratio of 1.77 and a beta of 0.97. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21. The stock's fifty day moving average price is $328.91 and its two-hundred day moving average price is $301.64. 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 (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.29 billion. During the same period in the previous year, the firm posted $4.73 EPS. The company's quarterly revenue was up .3% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 20.57 earnings per share for the current year.
Cummins Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date is Friday, November 22nd. Cummins's dividend payout ratio is presently 48.08%.
Insiders Place Their Bets
In other 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 value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company's stock, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 2,001 shares of the company's stock in a transaction on Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,456,419.29. The trade was a 8.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,576 shares of company stock worth $9,033,945 over the last ninety days. 0.56% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of brokerages have commented on CMI. Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the company an "equal weight" rating in a research note on Monday, August 5th. JPMorgan Chase & Co. raised their target price on Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research report on Friday, October 11th. Robert W. Baird lifted their target price on Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research note on Wednesday, November 6th. Vertical Research cut Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Finally, Citigroup lifted their price objective on shares of Cummins from $345.00 to $375.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $334.33.
Get Our Latest Stock Analysis on Cummins
About Cummins
(
Free Report)
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.
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