Cummins Inc. (CMI) Shares Bought by Blair William & Co. IL

Blair William & Co. IL increased its stake in shares of Cummins Inc. (NYSE:CMI) by 19.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,607 shares of the company’s stock after buying an additional 1,584 shares during the period. Blair William & Co. IL’s holdings in Cummins were worth $1,403,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. LSV Asset Management boosted its holdings in Cummins by 79.7% in the 3rd quarter. LSV Asset Management now owns 3,234,527 shares of the company’s stock valued at $472,467,000 after purchasing an additional 1,434,282 shares during the period. American Century Companies Inc. boosted its holdings in Cummins by 12.1% in the 3rd quarter. American Century Companies Inc. now owns 2,518,910 shares of the company’s stock valued at $367,937,000 after purchasing an additional 271,489 shares during the period. FMR LLC boosted its holdings in Cummins by 11.6% in the 2nd quarter. FMR LLC now owns 2,385,506 shares of the company’s stock valued at $317,272,000 after purchasing an additional 248,721 shares during the period. Wells Fargo & Company MN boosted its holdings in Cummins by 33.4% in the 3rd quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock valued at $340,407,000 after purchasing an additional 583,376 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Cummins by 30.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,644,399 shares of the company’s stock valued at $240,197,000 after purchasing an additional 382,426 shares during the period. 80.72% of the stock is owned by institutional investors and hedge funds.

A number of analysts have issued reports on CMI shares. JPMorgan Chase & Co. downgraded shares of Cummins from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $156.00 to $137.00 in a report on Friday, August 24th. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $166.00 price objective for the company in a report on Thursday, November 29th. Bank of America boosted their price objective on shares of Cummins from $157.00 to $160.00 and gave the company a “neutral” rating in a report on Tuesday, October 9th. UBS Group set a $130.00 price objective on shares of Cummins and gave the company a “sell” rating in a report on Tuesday, November 6th. Finally, ValuEngine raised shares of Cummins from a “strong sell” rating to a “sell” rating in a report on Friday, September 21st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the stock. Cummins currently has a consensus rating of “Hold” and a consensus price target of $163.16.

In related news, insider Jill E. Cook sold 5,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $150.00, for a total transaction of $796,050.00. Following the completion of the transaction, the insider now directly owns 14,985 shares in the company, valued at approximately $2,247,750. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Tony Satterthwaite sold 830 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $141.61, for a total transaction of $117,536.30. Following the transaction, the insider now owns 40,371 shares of the company’s stock, valued at $5,716,937.31. The disclosure for this sale can be found here. Insiders sold a total of 41,541 shares of company stock valued at $6,302,659 over the last 90 days. Corporate insiders own 0.62% of the company’s stock.

Shares of NYSE:CMI opened at $138.60 on Friday. The company has a market capitalization of $23.50 billion, a PE ratio of 13.05, a PEG ratio of 0.80 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.54 and a debt-to-equity ratio of 0.19. Cummins Inc. has a 12 month low of $124.72 and a 12 month high of $194.18.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, October 30th. The company reported $4.05 EPS for the quarter, beating the consensus estimate of $3.76 by $0.29. The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.96 billion. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.71 EPS. As a group, research analysts expect that Cummins Inc. will post 15.34 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th were given a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 3.29%. The ex-dividend date was Wednesday, November 14th. Cummins’s payout ratio is presently 42.94%.

Cummins declared that its board has initiated a share buyback program on Tuesday, October 9th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 8.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

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About Cummins

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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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