State of Alaska Department of Revenue increased its stake in Cummins Inc. (NYSE:CMI – Free Report) by 403.8% during the third quarter, HoldingsChannel reports. The firm owned 68,113 shares of the company’s stock after acquiring an additional 54,592 shares during the period. State of Alaska Department of Revenue’s holdings in Cummins were worth $35,185,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Formuepleje A S lifted its holdings in shares of Cummins by 36.4% in the third quarter. Formuepleje A S now owns 63,942 shares of the company’s stock valued at $33,031,000 after purchasing an additional 17,066 shares in the last quarter. HBW Advisory Services LLC grew its holdings in shares of Cummins by 253.3% during the third quarter. HBW Advisory Services LLC now owns 1,650 shares of the company’s stock valued at $852,000 after buying an additional 1,183 shares in the last quarter. KG Capital Management raised its position in Cummins by 93.3% during the third quarter. KG Capital Management now owns 7,238 shares of the company’s stock valued at $3,739,000 after buying an additional 3,493 shares during the period. Mather Group LLC. raised its position in Cummins by 702.9% during the third quarter. Mather Group LLC. now owns 26,631 shares of the company’s stock valued at $13,757,000 after buying an additional 23,314 shares during the period. Finally, Hudock Inc. raised its position in Cummins by 182.9% during the third quarter. Hudock Inc. now owns 2,470 shares of the company’s stock valued at $1,276,000 after buying an additional 1,597 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.
Cummins Stock Down 0.2%
CMI stock traded down $0.80 during trading hours on Thursday, hitting $525.16. The company’s stock had a trading volume of 459,076 shares, compared to its average volume of 985,504. The stock has a 50 day moving average price of $560.36 and a two-hundred day moving average price of $620.42. Cummins Inc. has a 12 month low of $405.82 and a 12 month high of $737.76. The company has a market capitalization of $72.30 billion, a PE ratio of 26.84, a price-to-earnings-growth ratio of 1.39 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 (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the business posted $6.43 EPS. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 30.10 earnings per share for the current year.
Cummins Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given 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 is Friday, November 20th. Cummins’s dividend payout ratio is presently 44.97%.
Analyst Ratings Changes
CMI has been the subject of a number of research reports. Morgan Stanley raised their price objective on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. UBS Group reduced their price target on shares of Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. JPMorgan Chase & Co. decreased their target price on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Finally, Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $708.18.
Read Our Latest Analysis on Cummins
Insiders Place Their Bets
In other Cummins news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by company insiders.
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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