Cummins Inc. (NYSE:CMI) Shares Acquired by Ascent Group LLC

Ascent Group LLC boosted its position in Cummins Inc. (NYSE:CMI) by 7.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,380 shares of the company’s stock after acquiring an additional 100 shares during the quarter. Ascent Group LLC’s holdings in Cummins were worth $447,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in CMI. Pathway Financial Advisers LLC lifted its holdings in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares during the last quarter. Jupiter Asset Management Ltd. bought a new stake in shares of Cummins in the 2nd quarter worth about $68,018,000. SG Americas Securities LLC increased its position in shares of Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Cummins in the 2nd quarter worth about $46,607,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of several research analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Finally, The Goldman Sachs Group boosted their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $337.67.

Cummins Price Performance

NYSE CMI opened at $378.31 on Thursday. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $379.66. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock has a market cap of $51.90 billion, a price-to-earnings ratio of 24.99, a price-to-earnings-growth ratio of 1.83 and a beta of 0.99. The company has a 50-day moving average price of $346.31 and a two-hundred day moving average price of $309.20.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $4.73 EPS. Analysts forecast that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

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.