Cummins Inc. (CMI) Holdings Lowered by IFP Advisors Inc

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.

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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.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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