IFP Advisors Inc lowered its position in shares of Cummins Inc. (NYSE:CMI) by 7.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,193 shares of the company’s stock after selling 839 shares during the quarter. IFP Advisors Inc’s holdings in Cummins were worth $1,713,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently bought and sold shares of CMI. Carroll Financial Associates Inc. lifted its position in shares of Cummins by 13.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares in the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $132,000. Captrust Financial Advisors bought a new position in shares of Cummins during the 2nd quarter worth approximately $137,000. Acrospire Investment Management LLC bought a new position in shares of Cummins during the 2nd quarter worth approximately $146,000. Finally, Harbour Capital Advisors LLC bought a new position in shares of Cummins during the 1st quarter worth approximately $150,000. 81.05% of the stock is currently owned by hedge funds and other institutional investors.
CMI has been the topic of several recent analyst reports. Goldman Sachs Group, Inc. (The) cut shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 target price on the stock. in a research report on Monday, August 7th. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $177.00 target price on the stock in a research report on Friday, August 4th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Buckingham Research initiated coverage on shares of Cummins in a research report on Tuesday, September 5th. They set a “buy” rating and a $180.00 target price on the stock. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $168.00 price target (up previously from $160.00) on shares of Cummins in a report on Tuesday, August 8th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $168.91.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The business had revenue of $5.29 billion for the quarter, compared to the consensus estimate of $4.79 billion. During the same period last year, the firm earned $2.02 earnings per share. The company’s quarterly revenue was up 26.2% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of Infinity. Cummins’s payout ratio is presently 43.86%.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the sale, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is owned by company insiders.
Cummins Company Profile
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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