CoreCap Advisors LLC lifted its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 8.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 14,290 shares of the company’s stock after purchasing an additional 1,118 shares during the quarter. CoreCap Advisors LLC’s holdings in Cummins were worth $7,012,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Cummins during the second quarter worth approximately $8,204,241,000. Bank of America Corp DE bought a new position in Cummins in the 2nd quarter worth approximately $1,408,353,000. Bank of New York Mellon Corp bought a new position in Cummins in the 2nd quarter worth approximately $973,198,000. Legal & General Group Plc acquired a new position in Cummins during the 2nd quarter worth $666,635,000. Finally, Amundi lifted its holdings in Cummins by 19.7% during the 2nd quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after buying an additional 147,093 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.
Cummins Trading Up 0.5%
Shares of Cummins stock traded up $2.81 during trading on Thursday, reaching $520.13. 1,005,736 shares of the company were exchanged, compared to its average volume of 985,956. The business has a 50-day moving average price of $572.00 and a 200-day moving average price of $621.07. The firm has a market capitalization of $71.60 billion, a price-to-earnings ratio of 26.58, a P/E/G ratio of 1.41 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $400.72 and a twelve month high of $737.76.
Cummins Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 44.97%.
Insiders Place Their Bets
In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by insiders.
Analysts Set New Price Targets
Several equities research analysts have recently commented on CMI shares. JPMorgan Chase & Co. lowered their target price on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Morgan Stanley upped their price target on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. DA Davidson raised their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Wells Fargo & Company dropped their price objective on Cummins from $874.00 to $760.00 and set an “overweight” rating for the company in a report on Thursday. Finally, UBS Group cut their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $717.59.
View Our Latest Stock Report on CMI
Cummins Company Profile
Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.
Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.
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