HL Financial Services LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 23.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 15,820 shares of the company’s stock after selling 4,859 shares during the period. HL Financial Services LLC’s holdings in Cummins were worth $2,311,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of CMI. Boston Partners boosted its position in shares of Cummins by 45.4% during the 2nd quarter. Boston Partners now owns 4,918,989 shares of the company’s stock worth $654,225,000 after purchasing an additional 1,534,792 shares during the period. LSV Asset Management boosted its position in shares of Cummins by 76.6% during the 2nd quarter. LSV Asset Management now owns 1,800,245 shares of the company’s stock worth $239,432,000 after purchasing an additional 781,118 shares during the period. Wells Fargo & Company MN boosted its position in shares of Cummins by 33.4% during the 3rd quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock worth $340,407,000 after purchasing an additional 583,376 shares during the period. Renaissance Technologies LLC boosted its position in shares of Cummins by 134.3% during the 2nd quarter. Renaissance Technologies LLC now owns 780,300 shares of the company’s stock worth $103,780,000 after purchasing an additional 447,336 shares during the period. Finally, Robeco Institutional Asset Management B.V. purchased a new position in shares of Cummins during the 3rd quarter worth approximately $63,360,000. 79.79% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Mark Andrew Smith sold 501 shares of the firm’s stock in a transaction on Tuesday, October 9th. The shares were sold at an average price of $153.27, for a total value of $76,788.27. Following the sale, the vice president now directly owns 4,463 shares in the company, valued at approximately $684,044.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Marya M. Rose sold 14,579 shares of the firm’s stock in a transaction on Monday, October 8th. The shares were sold at an average price of $151.07, for a total transaction of $2,202,449.53. Following the completion of the sale, the chief accounting officer now owns 24,424 shares in the company, valued at $3,689,733.68. The disclosure for this sale can be found here. Insiders sold a total of 26,495 shares of company stock worth $3,974,777 over the last 90 days. Company insiders own 0.62% of the company’s stock.
A number of equities analysts recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Cummins from $160.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, August 1st. Piper Jaffray Companies raised shares of Cummins from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $143.00 to $188.00 in a research report on Thursday, October 4th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, August 27th. Oppenheimer lowered their price objective on shares of Cummins from $168.00 to $192.00 and set an “outperform” rating for the company in a research report on Monday, July 23rd. Finally, JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $137.00 to $147.00 in a research report on Wednesday, October 31st. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $163.30.
Shares of CMI stock opened at $143.07 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.94. Cummins Inc. has a 52 week low of $124.72 and a 52 week high of $194.18. The company has a market capitalization of $23.56 billion, a price-to-earnings ratio of 10.10, a price-to-earnings-growth ratio of 0.80 and a beta of 1.16.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.76 by $0.29. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.96 billion. During the same quarter last year, the company posted $2.71 EPS. The firm’s revenue was up 12.5% compared to the same quarter last year. As a group, equities analysts forecast that Cummins Inc. will post 15.34 EPS for the current fiscal year.
Cummins announced that its Board of Directors has authorized a share buyback plan on Tuesday, October 9th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 8.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th will be given a $1.14 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $4.56 annualized dividend and a yield of 3.19%. Cummins’s dividend payout ratio is presently 42.94%.
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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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