First Citizens Bank & Trust Co. bought a new stake in Cummins Inc. (NYSE:CMI – Free Report) in the third quarter, HoldingsChannel reports. The fund bought 12,693 shares of the company’s stock, valued at approximately $6,557,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Focus Financial Network Inc. grew its stake in shares of Cummins by 320.3% during the 3rd quarter. Focus Financial Network Inc. now owns 2,635 shares of the company’s stock valued at $1,361,000 after buying an additional 2,008 shares during the period. ASK Capital Investment Managers LLC purchased a new position in shares of Cummins in the 3rd quarter worth $4,401,000. Signal Advisors Wealth LLC raised its position in shares of Cummins by 4,918.0% in the 3rd quarter. Signal Advisors Wealth LLC now owns 42,051 shares of the company’s stock worth $21,722,000 after buying an additional 41,213 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in Cummins by 311.7% in the third quarter. B. Riley Wealth Advisors Inc. now owns 7,238 shares of the company’s stock valued at $3,739,000 after acquiring an additional 5,480 shares during the last quarter. Finally, Krilogy Financial LLC boosted its holdings in Cummins by 304.5% in the third quarter. Krilogy Financial LLC now owns 11,225 shares of the company’s stock valued at $5,798,000 after acquiring an additional 8,450 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on CMI shares. UBS Group lowered their price target on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Wells Fargo & Company cut their price objective on Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a report on Thursday, October 8th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. DA Davidson lifted their price objective on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Bank of America dropped their target price on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $708.18.
Insider Activity at Cummins
In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value 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. This trade represents a 13.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.30% of the company’s stock.
Cummins Stock Performance
Cummins stock opened at $529.57 on Wednesday. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a market cap of $72.90 billion, a P/E ratio of 27.06, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24. The stock has a 50 day moving average of $562.88 and a 200-day moving average of $620.45.
Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.43 earnings per share. On average, analysts expect that Cummins Inc. will post 30.10 EPS for the current fiscal year.
Cummins Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is presently 44.97%.
About Cummins
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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