Novare Capital Management LLC Invests $2.75 Million in Cummins Inc. (CMI) Stock
Novare Capital Management LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 16,386 shares of the company’s stock, valued at approximately $2,753,000.
Other hedge funds have also added to or reduced their stakes in the company. Carroll Financial Associates Inc. raised its holdings in Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after acquiring an additional 83 shares during the last quarter. Northwest Investment Counselors LLC acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $132,000. Captrust Financial Advisors acquired a new stake in shares of Cummins during the 2nd quarter worth approximately $137,000. Acrospire Investment Management LLC acquired a new stake in shares of Cummins during the 2nd quarter worth approximately $146,000. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Cummins during the 1st quarter worth approximately $150,000. Institutional investors own 83.85% of the company’s stock.
CMI has been the subject of a number of recent analyst reports. ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Buckingham Research initiated coverage on shares of Cummins in a report on Tuesday, September 5th. They set a “buy” rating and a $180.00 price target for the company. Longbow Research downgraded shares of Cummins from a “buy” rating to a “neutral” rating in a report on Thursday, October 12th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $159.00 price target on shares of Cummins in a report on Tuesday, September 12th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $173.96.
Shares of Cummins Inc. (NYSE CMI) traded up $1.37 during mid-day trading on Friday, reaching $167.13. 2,264,200 shares of the company’s stock traded hands, compared to its average volume of 1,289,334. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.03. Cummins Inc. has a 52 week low of $134.06 and a 52 week high of $181.79. The stock has a market cap of $26,610.00, a PE ratio of 16.94, a PEG ratio of 1.36 and a beta of 1.16.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $4.79 billion. During the same quarter last year, the company posted $2.02 EPS. The firm’s revenue was up 26.2% compared to the same quarter last year. sell-side analysts predict that Cummins Inc. will post 10.14 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 2.58%. Cummins’s dividend payout ratio is presently 43.90%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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