Krilogy Financial LLC Purchases 8,450 Shares of Cummins Inc. $CMI

Krilogy Financial LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 304.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,225 shares of the company’s stock after buying an additional 8,450 shares during the quarter. Krilogy Financial LLC’s holdings in Cummins were worth $5,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Cummins during the second quarter valued at $8,204,241,000. Bank of America Corp DE purchased a new position in shares of Cummins in the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp acquired a new stake in Cummins during the 2nd quarter worth $973,198,000. Legal & General Group Plc acquired a new position in Cummins during the second quarter worth $666,635,000. Finally, Amundi grew its holdings in shares of Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after purchasing an additional 147,093 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on CMI shares. Citigroup dropped their target price on Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a research report on Monday. UBS Group dropped their price objective on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.

Cummins Stock Up 0.3%

CMI stock opened at $529.57 on Wednesday. Cummins Inc. has a fifty-two week low of $400.72 and a fifty-two week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The stock has a market cap of $72.90 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24. The firm’s 50-day simple moving average is $562.88 and its 200 day simple moving average is $620.45.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period in the prior year, the company posted $6.43 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 30.10 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s payout ratio is currently 44.97%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.