State of Alaska Department of Revenue increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 10.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 44,277 shares of the company’s stock after buying an additional 4,144 shares during the quarter. State of Alaska Department of Revenue’s holdings in Cummins were worth $6,465,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in CMI. Pennsylvania Trust Co increased its holdings in Cummins by 66.5% in the 3rd quarter. Pennsylvania Trust Co now owns 8,077 shares of the company’s stock worth $1,180,000 after purchasing an additional 3,225 shares in the last quarter. Investment House LLC increased its holdings in Cummins by 4.7% in the 3rd quarter. Investment House LLC now owns 32,190 shares of the company’s stock worth $4,702,000 after purchasing an additional 1,440 shares in the last quarter. Jaffetilchin Investment Partners LLC acquired a new position in Cummins in the 3rd quarter worth about $331,000. Benson Investment Management Company Inc. acquired a new position in Cummins in the 3rd quarter worth about $2,855,000. Finally, Centre Asset Management LLC acquired a new position in Cummins in the 3rd quarter worth about $5,269,000. Institutional investors and hedge funds own 79.26% of the company’s stock.
In related news, Director Alexis M. Herman sold 735 shares of the company’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $139.90, for a total transaction of $102,826.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Tracy A. Embree sold 462 shares of the company’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $141.70, for a total value of $65,465.40. Following the sale, the vice president now owns 4,122 shares in the company, valued at approximately $584,087.40. The disclosure for this sale can be found here. In the last three months, insiders sold 26,087 shares of company stock valued at $3,914,211. Insiders own 0.67% of the company’s stock.
Shares of CMI stock opened at $145.24 on Friday. The stock has a market capitalization of $24.07 billion, a PE ratio of 13.68, a P/E/G ratio of 0.84 and a beta of 1.12. The company has a quick ratio of 1.03, a current ratio of 1.61 and a debt-to-equity ratio of 0.19. Cummins Inc. has a 1-year low of $129.90 and a 1-year high of $194.18.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share for the quarter, missing the consensus estimate of $3.63 by ($0.31). The company had revenue of $6.13 billion during the quarter, compared to analyst estimates of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. The company’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.53 EPS. As a group, research analysts predict that Cummins Inc. will post 14.94 earnings per share for the current year.
Cummins announced that its Board of Directors has approved a stock repurchase plan on Tuesday, October 9th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 8.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be paid a $1.14 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $4.56 annualized dividend and a dividend yield of 3.14%. Cummins’s payout ratio is 42.94%.
A number of brokerages have issued reports on CMI. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a report on Monday, August 27th. Oppenheimer lowered their target price on Cummins from $168.00 to $192.00 and set an “outperform” rating for the company in a report on Monday, July 23rd. Mizuho began coverage on Cummins in a report on Friday, June 29th. They issued a “neutral” rating and a $150.00 target price for the company. Stifel Nicolaus set a $156.00 target price on Cummins and gave the stock a “buy” rating in a report on Monday, September 10th. Finally, Citigroup lowered their target price on Cummins from $160.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, June 25th. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $167.48.
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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