Adams Asset Advisors LLC Decreases Position in Cummins Inc. (CMI)
Adams Asset Advisors LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 1.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,803 shares of the company’s stock after selling 842 shares during the period. Cummins makes up approximately 0.8% of Adams Asset Advisors LLC’s investment portfolio, making the stock its 21st largest position. Adams Asset Advisors LLC’s holdings in Cummins were worth $5,613,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Pitcairn Co. raised its stake in Cummins by 0.3% in the second quarter. Pitcairn Co. now owns 2,034 shares of the company’s stock valued at $229,000 after buying an additional 7 shares in the last quarter. Blue Chip Partners Inc. raised its stake in Cummins by 0.8% in the second quarter. Blue Chip Partners Inc. now owns 2,745 shares of the company’s stock valued at $309,000 after buying an additional 23 shares in the last quarter. San Francisco Sentry Investment Group CA raised its stake in Cummins by 1.0% in the second quarter. San Francisco Sentry Investment Group CA now owns 2,576 shares of the company’s stock valued at $290,000 after buying an additional 25 shares in the last quarter. Burnham Asset Management Corp NY raised its stake in Cummins by 0.6% in the second quarter. Burnham Asset Management Corp NY now owns 3,985 shares of the company’s stock valued at $448,000 after buying an additional 25 shares in the last quarter. Finally, Proficio Capital Partners LLC raised its stake in Cummins by 2.2% in the second quarter. Proficio Capital Partners LLC now owns 1,228 shares of the company’s stock valued at $150,000 after buying an additional 26 shares in the last quarter. Institutional investors and hedge funds own 79.62% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded down 2.10% on Monday, reaching $138.32. The company’s stock had a trading volume of 1,691,976 shares. Cummins Inc. has a 52-week low of $79.88 and a 52-week high of $141.65. The stock’s 50 day moving average price is $130.27 and its 200 day moving average price is $121.68. The firm has a market cap of $23.18 billion, a PE ratio of 20.10 and a beta of 1.32.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 1st. The company reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.06. The firm earned $4.49 billion during the quarter, compared to the consensus estimate of $4.23 billion. Cummins had a return on equity of 19.47% and a net margin of 6.62%. The business’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.14 EPS. Equities research analysts expect that Cummins Inc. will post $8.17 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be paid a $1.025 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Thursday, November 17th. This is an increase from Cummins’s previous quarterly dividend of $0.98. Cummins’s dividend payout ratio is 59.33%.
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CMI has been the subject of a number of research reports. Vetr cut Cummins from a “strong-buy” rating to a “buy” rating and set a $140.84 target price for the company. in a research note on Monday, November 7th. William Blair set a $110.00 target price on Cummins and gave the stock a “hold” rating in a research note on Thursday, September 8th. Jefferies Group increased their target price on Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a research note on Thursday, September 1st. BMO Capital Markets reissued a “market perform” rating and set a $114.00 target price on shares of Cummins in a research note on Monday, September 12th. Finally, Evercore ISI raised Cummins from a “hold” rating to a “buy” rating and increased their target price for the stock from $113.00 to $144.00 in a research note on Monday, November 7th. Three analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and an average target price of $118.99.
In other Cummins news, CAO Marya M. Rose sold 5,450 shares of the company’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $136.40, for a total value of $743,380.00. Following the completion of the transaction, the chief accounting officer now owns 20,193 shares in the company, valued at approximately $2,754,325.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Marsha L. Hunt sold 5,910 shares of the company’s stock in a transaction on Monday, November 7th. The shares were sold at an average price of $128.10, for a total value of $757,071.00. Following the completion of the transaction, the vice president now owns 4,382 shares of the company’s stock, valued at approximately $561,334.20. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets.
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