River Street Advisors LLC Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

River Street Advisors LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 3.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,080 shares of the company’s stock after buying an additional 229 shares during the quarter. Cummins accounts for approximately 1.1% of River Street Advisors LLC’s portfolio, making the stock its 25th largest holding. River Street Advisors LLC’s holdings in Cummins were worth $1,969,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. PFG Investments LLC increased its position in Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after buying an additional 485 shares in the last quarter. CWM LLC increased its position in Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after purchasing an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC lifted its holdings in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC acquired a new stake in shares of Cummins during the 2nd quarter worth about $16,329,000. Finally, Cetera Advisors LLC grew its holdings in shares of Cummins by 162.9% during the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after buying an additional 14,170 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,540,879.47. This represents a 9.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,576 shares of company stock worth $9,033,945. Insiders own 0.56% of the company’s stock.

Cummins Stock Performance

CMI stock traded down $1.88 during midday trading on Friday, reaching $361.85. The company had a trading volume of 536,110 shares, compared to its average volume of 1,481,105. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average price of $328.91 and a 200 day moving average price of $301.51. The firm has a market capitalization of $49.64 billion, a PE ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97. Cummins Inc. has a fifty-two week low of $220.02 and a fifty-two week high of $370.21.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the company earned $4.73 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 20.61 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Citigroup increased their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $334.33.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.