Cummins Inc. (CMI) Position Raised by ARP Americas LLC

ARP Americas LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 17.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,901 shares of the company’s stock after purchasing an additional 591 shares during the quarter. ARP Americas LLC’s holdings in Cummins were worth $655,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. State Street Corp lifted its position in Cummins by 0.5% during the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock valued at $1,850,515,000 after buying an additional 61,286 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cummins by 2.6% during the second quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after purchasing an additional 298,352 shares in the last quarter. BlackRock Inc. increased its stake in shares of Cummins by 4.1% in the second quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after buying an additional 422,135 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after buying an additional 77,116 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Cummins by 9.0% in the first quarter. AQR Capital Management LLC now owns 2,486,266 shares of the company’s stock worth $375,924,000 after buying an additional 205,659 shares during the last quarter. 81.05% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the sale, the director now owns 5,814 shares of the company’s stock, valued at $925,995.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.62% of the stock is currently owned by insiders.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, beating the Zacks’ consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion during the quarter, compared to the consensus estimate of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. Cummins’s revenue was up 26.2% on a year-over-year basis. During the same period last year, the business posted $2.02 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of Infinity. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is presently 43.86%.

Several research firms have weighed in on CMI. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Royal Bank Of Canada upped their price objective on shares of Cummins from $169.00 to $173.00 and gave the stock a “sector perform” rating in a report on Thursday. Robert W. Baird reissued a “sell” rating and issued a $153.00 price target on shares of Cummins in a report on Thursday, October 12th. Jefferies Group LLC reissued a “hold” rating and issued a $165.00 price target on shares of Cummins in a report on Thursday, September 7th. Finally, ValuEngine lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Two equities 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’s stock. The stock has a consensus rating of “Hold” and an average price target of $168.91.

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Cummins 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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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