IFC Holdings Incorporated FL lifted its position in shares of Cummins Inc. (NYSE:CMI) by 23.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,146 shares of the company’s stock after purchasing an additional 2,099 shares during the period. IFC Holdings Incorporated FL’s holdings in Cummins were worth $1,872,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in CMI. OppenheimerFunds Inc. increased its stake in shares of Cummins by 1,743.4% during the 1st quarter. OppenheimerFunds Inc. now owns 291,459 shares of the company’s stock worth $44,068,000 after purchasing an additional 275,648 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Cummins by 76.3% during the 1st quarter. Principal Financial Group Inc. now owns 805,977 shares of the company’s stock worth $121,864,000 after purchasing an additional 348,752 shares during the last quarter. Stratos Wealth Partners LTD. increased its stake in shares of Cummins by 13.8% during the 1st quarter. Stratos Wealth Partners LTD. now owns 9,212 shares of the company’s stock worth $1,393,000 after purchasing an additional 1,115 shares during the last quarter. FMR LLC increased its stake in shares of Cummins by 14.8% during the 1st quarter. FMR LLC now owns 1,383,633 shares of the company’s stock worth $209,205,000 after purchasing an additional 178,715 shares during the last quarter. Finally, Marvin & Palmer Associates Inc. increased its stake in shares of Cummins by 41.8% during the 1st quarter. Marvin & Palmer Associates Inc. now owns 34,525 shares of the company’s stock worth $5,220,000 after purchasing an additional 10,175 shares during the last quarter. Institutional investors own 81.05% of the company’s stock.
Cummins Inc. (NYSE CMI) traded up 0.30% during mid-day trading on Monday, reaching $180.04. 416,305 shares of the company’s stock were exchanged. The company has a 50-day moving average of $170.89 and a 200-day moving average of $161.12. Cummins Inc. has a 52-week low of $121.22 and a 52-week high of $180.86. The stock has a market cap of $30.07 billion, a price-to-earnings ratio of 20.35 and a beta of 1.13.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. Cummins’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.40 EPS. Equities research analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a dividend of $1.08 per share. The ex-dividend date is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.41%. Cummins’s dividend payout ratio is presently 48.76%.
In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the transaction, the director now owns 5,814 shares in the company, valued at $925,995.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is owned by company insiders.
CMI has been the topic of several recent analyst reports. Deutsche Bank AG boosted their price objective on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research note on Tuesday, July 4th. Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 target price on shares of Cummins in a report on Wednesday, July 12th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $161.00 target price on shares of Cummins in a report on Wednesday, July 12th. Finally, Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $164.91.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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