Machina Capital S.A.S. grew its position in Cummins Inc. (NYSE:CMI – Free Report) by 31.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,810 shares of the company’s stock after purchasing an additional 1,637 shares during the period. Machina Capital S.A.S.’s holdings in Cummins were worth $3,518,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Silver Grove Financial Group Inc. lifted its position in shares of Cummins by 15.4% during the 3rd quarter. Silver Grove Financial Group Inc. now owns 240 shares of the company’s stock worth $124,000 after buying an additional 32 shares in the last quarter. Illinois Municipal Retirement Fund boosted its stake in shares of Cummins by 2.5% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 35,352 shares of the company’s stock worth $18,262,000 after buying an additional 861 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its stake in shares of Cummins by 9.1% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 577 shares of the company’s stock worth $298,000 after buying an additional 48 shares during the last quarter. Woodley Farra Manion Portfolio Management Inc. grew its holdings in shares of Cummins by 3.0% in the third quarter. Woodley Farra Manion Portfolio Management Inc. now owns 1,146 shares of the company’s stock valued at $592,000 after acquiring an additional 33 shares in the last quarter. Finally, Cornerstone Wealth Management LLC grew its holdings in shares of Cummins by 1.4% in the third quarter. Cornerstone Wealth Management LLC now owns 4,326 shares of the company’s stock valued at $2,234,000 after acquiring an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.
Analysts Set New Price Targets
A number of analysts recently commented on CMI shares. Wells Fargo & Company decreased their price target on Cummins from $608.00 to $520.00 and set an “overweight” rating for the company in a research report on Friday, November 6th. UBS Group cut their price objective on Cummins from $741.00 to $675.00 and set a “buy” rating on the stock in a research report on Tuesday. JPMorgan Chase & Co. reduced their price objective on Cummins from $600.00 to $465.00 and set a “neutral” rating for the company in a research note on Friday, November 6th. Weiss Ratings downgraded Cummins from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Finally, CICC Research initiated coverage on Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price for the company. Thirteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $659.44.
Read Our Latest Research Report on CMI
Cummins Stock Performance
Shares of CMI stock opened at $462.86 on Thursday. The stock has a market capitalization of $63.45 billion, a P/E ratio of 19.32, a PEG ratio of 1.20 and a beta of 1.26. The company has a current ratio of 1.74, a quick ratio of 1.13 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average is $520.51 and its 200 day moving average is $597.84. Cummins Inc. has a 12 month low of $443.62 and a 12 month high of $737.76.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The company reported $8.25 EPS for the quarter, topping the consensus estimate of $8.20 by $0.05. Cummins had a net margin of 9.26% and a return on equity of 26.82%. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.89 billion. During the same period last year, the firm earned $5.59 EPS. Cummins’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 29.83 earnings per share for the current year.
Cummins Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is presently 36.73%.
Insider Activity at Cummins
In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction 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 directly 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 the SEC website. 0.30% of the stock is owned by insiders.
About Cummins
Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.
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