Cardinal Capital Management Inc. lowered its holdings in shares of Cummins Inc. (NYSE:CMI – Free Report) by 2.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,947 shares of the company’s stock after selling 1,879 shares during the period. Cummins comprises 1.1% of Cardinal Capital Management Inc.’s portfolio, making the stock its 26th largest holding. Cardinal Capital Management Inc. owned approximately 0.07% of Cummins worth $48,530,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Cummins in the second quarter valued at about $8,204,241,000. Bank of America Corp DE bought a new position in Cummins during the second quarter worth about $1,408,353,000. Bank of New York Mellon Corp bought a new position in Cummins during the second quarter worth about $973,198,000. Legal & General Group Plc bought a new position in Cummins during the second quarter worth about $666,635,000. Finally, Amundi boosted its holdings in Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after purchasing an additional 147,093 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.
Cummins Price Performance
Shares of Cummins stock opened at $530.72 on Friday. The stock has a market capitalization of $73.06 billion, a price-to-earnings ratio of 27.12, a P/E/G ratio of 1.41 and a beta of 1.24. The firm’s 50-day moving average price is $555.86 and its two-hundred day moving average price is $619.86. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. 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 announced its 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 during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter last year, the business posted $6.43 earnings per share. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.
Cummins Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio is currently 44.97%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on the company. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research note on Saturday. DA Davidson raised their target price on Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley boosted 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. Wells Fargo & Company lowered their price target on Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday, October 8th. Finally, UBS Group dropped their price objective on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research note on Wednesday, September 30th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.
Read Our Latest Analysis on Cummins
Insider Buying and Selling
In other Cummins news, VP Earl Newsome sold 698 shares of the firm’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 completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently 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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