Garner Asset Management Corp decreased its position in Cummins Inc. (NYSE:CMI) by 12.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,204 shares of the company’s stock after selling 325 shares during the period. Garner Asset Management Corp’s holdings in Cummins were worth $370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently modified their holdings of the company. AJO LP raised its stake in Cummins by 11,096.3% in the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock worth $186,530,000 after acquiring an additional 1,139,586 shares during the last quarter. Kirr Marbach & Co. LLC IN purchased a new position in Cummins in the 3rd quarter worth $255,000. AGF Investments America Inc. raised its stake in Cummins by 41.5% in the 2nd quarter. AGF Investments America Inc. now owns 38,653 shares of the company’s stock worth $6,270,000 after acquiring an additional 11,338 shares during the last quarter. Bank of America Corp DE raised its stake in Cummins by 8.6% in the 1st quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock worth $118,055,000 after acquiring an additional 62,046 shares during the last quarter. Finally, Delta Lloyd Asset Management N.V. purchased a new position in Cummins in the 2nd quarter worth $3,466,000. Institutional investors own 81.05% of the company’s stock.
CMI has been the subject of a number of research analyst reports. ValuEngine lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Buckingham Research initiated coverage on Cummins in a research note on Tuesday, September 5th. They issued a “buy” rating and a $180.00 target price for the company. Piper Jaffray Companies restated a “hold” rating and issued a $159.00 target price on shares of Cummins in a research note on Tuesday, September 12th. Finally, Longbow Research lowered Cummins from a “buy” rating to a “neutral” rating in a research note on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $164.91.
Shares of Cummins Inc. (NYSE CMI) traded down 2.121% during trading on Tuesday, hitting $176.525. The company had a trading volume of 1,649,253 shares. Cummins Inc. has a 52-week low of $121.22 and a 52-week high of $180.86. The firm has a market capitalization of $29.48 billion, a P/E ratio of 19.953 and a beta of 1.13. The stock’s 50-day moving average is $171.38 and its 200 day moving average is $161.56.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.41 by $0.30. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $4.79 billion. During the same quarter in the previous year, the company earned $2.02 EPS. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. Equities research analysts predict that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio is presently 48.76%.
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In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the sale, the director now owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is currently owned by insiders.
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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