Nine Chapters Capital Management LLC acquired a new position in Cummins Inc. (NYSE:CMI) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,800 shares of the company’s stock, valued at approximately $302,000.
A number of other institutional investors have also recently bought and sold shares of CMI. Carroll Financial Associates Inc. boosted its stake in Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after purchasing an additional 83 shares during the period. Northwest Investment Counselors LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at $132,000. Captrust Financial Advisors acquired a new stake in shares of Cummins during the 2nd quarter valued at $137,000. Acrospire Investment Management LLC acquired a new stake in shares of Cummins during the 2nd quarter valued at $146,000. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Cummins during the 1st quarter valued at $150,000. 81.05% of the stock is owned by hedge funds and other institutional investors.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.24. The firm had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.02 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of Infinity. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s dividend payout ratio is currently 43.86%.
In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the sale, the director now owns 5,814 shares in the company, valued at $925,995.78. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.62% of the company’s stock.
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A number of equities research analysts have issued reports on CMI shares. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $188.00 target price for the company in a research note on Monday, October 2nd. Jefferies Group LLC lifted their target price on shares of Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a research note on Wednesday. ValuEngine lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Citigroup Inc. lifted their target price on shares of Cummins from $175.00 to $183.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Finally, Piper Jaffray Companies set a $170.00 target price on shares of Cummins and gave the company a “hold” rating in a research note on Tuesday. Two 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 company. Cummins currently has an average rating of “Hold” and an average target price of $168.91.
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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