Cummins Inc. (CMI) Position Boosted by Nisa Investment Advisors LLC
Nisa Investment Advisors LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 7.2% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 70,385 shares of the company’s stock after buying an additional 4,700 shares during the period. Nisa Investment Advisors LLC’s holdings in Cummins were worth $9,020,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in CMI. Pitcairn Co. boosted its stake in shares of Cummins by 0.3% in the second quarter. Pitcairn Co. now owns 2,034 shares of the company’s stock worth $229,000 after buying an additional 7 shares during the period. Blue Chip Partners Inc. boosted its stake in shares of Cummins by 0.8% in the second quarter. Blue Chip Partners Inc. now owns 2,745 shares of the company’s stock worth $309,000 after buying an additional 23 shares during the period. San Francisco Sentry Investment Group CA boosted its stake in shares of Cummins by 1.0% in the second quarter. San Francisco Sentry Investment Group CA now owns 2,576 shares of the company’s stock worth $290,000 after buying an additional 25 shares during the period. Burnham Asset Management Corp NY boosted its stake in shares of Cummins by 0.6% in the second quarter. Burnham Asset Management Corp NY now owns 3,985 shares of the company’s stock worth $448,000 after buying an additional 25 shares during the period. Finally, Proficio Capital Partners LLC boosted its stake in shares of Cummins by 2.2% in the second quarter. Proficio Capital Partners LLC now owns 1,228 shares of the company’s stock worth $150,000 after buying an additional 26 shares during the period. Institutional investors and hedge funds own 79.62% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded up 0.11% on Tuesday, reaching $138.47. The company’s stock had a trading volume of 434,210 shares. The firm has a 50-day moving average of $130.55 and a 200 day moving average of $121.95. The company has a market capitalization of $23.21 billion, a price-to-earnings ratio of 20.12 and a beta of 1.32. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $141.65.
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, topping the consensus estimate of $1.96 by $0.06. Cummins had a return on equity of 19.47% and a net margin of 6.62%. The firm earned $4.49 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same period last year, the business posted $2.14 earnings per share. The company’s revenue for the quarter was down 9.4% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post $8.17 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, November 21st will be paid a $1.025 dividend. This represents a $4.10 annualized dividend and a dividend yield of 2.98%. This is a boost from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, November 17th. Cummins’s dividend payout ratio (DPR) is presently 59.33%.
A number of analysts have recently commented on the stock. Vetr cut shares of Cummins from a “buy” rating to a “hold” rating and set a $142.84 target price on the stock. in a report on Tuesday, November 22nd. Goldman Sachs Group Inc. upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the company from $134.00 to $162.00 in a report on Tuesday, October 11th. Deutsche Bank AG boosted their target price on shares of Cummins from $111.00 to $112.00 and gave the company a “sell” rating in a report on Wednesday, October 12th. Barclays PLC boosted their target price on shares of Cummins from $105.00 to $108.00 and gave the company an “underweight” rating in a report on Wednesday, October 12th. Finally, Jefferies Group lifted their price target on Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, September 1st. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $118.99.
In related news, VP Marsha L. Hunt sold 5,910 shares of Cummins stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $128.10, for a total transaction of $757,071.00. Following the completion of the transaction, the vice president now directly owns 4,382 shares in the company, valued at $561,334.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Marya M. Rose sold 5,450 shares of Cummins stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $136.40, for a total value of $743,380.00. Following the transaction, the chief accounting officer now owns 20,193 shares of the company’s stock, valued at $2,754,325.20. The disclosure for this sale can be found here. 0.57% of the stock is owned by insiders.
Cummins Company Profile
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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