Berman McAleer LLC grew its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 121.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,621 shares of the company’s stock after buying an additional 1,435 shares during the quarter. Berman McAleer LLC’s holdings in Cummins were worth $1,354,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of CMI. Hengehold Capital Management LLC acquired a new stake in Cummins in the third quarter valued at $3,389,000. Vontobel Holding Ltd. grew its stake in shares of Cummins by 1,436.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock worth $302,025,000 after purchasing an additional 546,613 shares during the period. TD Waterhouse Canada Inc. grew its stake in shares of Cummins by 262.1% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 167,468 shares of the company’s stock worth $86,509,000 after purchasing an additional 121,216 shares during the period. Stronghold Wealth Management L.L.C. grew its stake in shares of Cummins by 13.4% during the 3rd quarter. Stronghold Wealth Management L.L.C. now owns 389 shares of the company’s stock worth $201,000 after purchasing an additional 46 shares during the period. Finally, Cyndeo Wealth Partners LLC increased its holdings in shares of Cummins by 1,646.9% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 18,080 shares of the company’s stock valued at $9,340,000 after purchasing an additional 17,045 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.
Cummins Stock Performance
Shares of CMI stock opened at $530.72 on Friday. The stock has a fifty day moving average price of $555.86 and a 200 day moving average price of $619.86. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock has a market cap of $73.06 billion, a PE ratio of 27.12, a P/E/G ratio of 1.41 and a beta of 1.24. Cummins Inc. has a 1 year low of $405.82 and a 1 year high of $737.76.
Cummins (NYSE:CMI – Get Free Report) last posted its earnings results 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 analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company posted $6.43 EPS. Sell-side analysts forecast that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.
Cummins Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s payout ratio is 44.97%.
Analyst Upgrades and Downgrades
Several analysts recently commented on CMI shares. Bank of America reduced their price objective on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Citigroup decreased their price objective on shares of Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Wells Fargo & Company lowered their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday, October 8th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Finally, CICC Research assumed coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price for the company. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $708.18.
Check Out Our Latest Research Report on Cummins
Insider Activity at Cummins
In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.
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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