Diversified Trust Co Grows Stock Holdings in Cummins Inc. (NYSE:CMI)
Diversified Trust Co grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 44.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,468 shares of the company’s stock after buying an additional 759 shares during the quarter. Diversified Trust Co’s holdings in Cummins were worth $521,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. FDx Advisors Inc. acquired a new stake in shares of Cummins in the 1st quarter worth about $27,000. Balentine LLC lifted its stake in Cummins by 74.6% during the second quarter. Balentine LLC now owns 199 shares of the company’s stock valued at $34,000 after buying an additional 85 shares in the last quarter. Heritage Wealth Advisors lifted its stake in Cummins by 123.5% during the second quarter. Heritage Wealth Advisors now owns 514 shares of the company’s stock valued at $39,000 after buying an additional 284 shares in the last quarter. Smithfield Trust Co. lifted its stake in Cummins by 49.1% during the second quarter. Smithfield Trust Co. now owns 243 shares of the company’s stock valued at $43,000 after buying an additional 80 shares in the last quarter. Finally, Hall Laurie J Trustee purchased a new stake in Cummins during the third quarter valued at about $56,000. Institutional investors own 82.40% of the company’s stock.
A number of analysts have commented on the stock. Melius lowered shares of Cummins from an “overweight” rating to a “neutral” rating in a research note on Friday, August 21st. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Cummins from $202.00 to $221.00 and gave the company a “hold” rating in a research note on Tuesday, October 13th. Wells Fargo & Company upped their price objective on shares of Cummins from $235.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, September 25th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the stock from $193.00 to $240.00 in a research report on Tuesday, September 8th. Finally, Barclays increased their price target on shares of Cummins from $175.00 to $192.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $204.33.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.93. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.68 billion. Cummins had a return on equity of 21.04% and a net margin of 8.46%. The business’s revenue was down 38.1% on a year-over-year basis. During the same period last year, the business earned $4.27 earnings per share. Analysts predict that Cummins Inc. will post 9.37 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $1.35 per share. The ex-dividend date of this dividend is Thursday, November 19th. This is a boost from Cummins’s previous quarterly dividend of $1.31. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.42%. Cummins’s dividend payout ratio (DPR) is presently 34.82%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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