Pictet Asset Management Ltd. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 1.3% in the 3rd quarter, Holdings Channel reports. The firm owned 165,801 shares of the company’s stock after selling 2,105 shares during the period. Pictet Asset Management Ltd.’s holdings in Cummins were worth $24,219,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the company. Boston Partners lifted its position in shares of Cummins by 45.4% during the 2nd quarter. Boston Partners now owns 4,918,989 shares of the company’s stock worth $654,225,000 after purchasing an additional 1,534,792 shares during the last quarter. LSV Asset Management lifted its position in Cummins by 79.7% in the third quarter. LSV Asset Management now owns 3,234,527 shares of the company’s stock valued at $472,467,000 after acquiring an additional 1,434,282 shares during the last quarter. American Century Companies Inc. lifted its position in Cummins by 12.1% in the third quarter. American Century Companies Inc. now owns 2,518,910 shares of the company’s stock valued at $367,937,000 after acquiring an additional 271,489 shares during the last quarter. FMR LLC lifted its position in Cummins by 11.6% in the second quarter. FMR LLC now owns 2,385,506 shares of the company’s stock valued at $317,272,000 after acquiring an additional 248,721 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in Cummins by 33.4% in the third quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock valued at $340,407,000 after acquiring an additional 583,376 shares during the last quarter. 80.72% of the stock is owned by institutional investors and hedge funds.
In other Cummins news, CAO Marya M. Rose sold 14,579 shares of Cummins stock in a transaction on Monday, October 8th. The shares were sold at an average price of $151.07, for a total value of $2,202,449.53. Following the transaction, the chief accounting officer now directly owns 24,424 shares in the company, valued at $3,689,733.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Mark Andrew Smith sold 501 shares of the business’s stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total transaction of $76,788.27. Following the transaction, the vice president now owns 4,463 shares in the company, valued at $684,044.01. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,090 shares of company stock worth $4,062,754. 0.67% of the stock is currently owned by company insiders.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 EPS for the quarter, beating analysts’ consensus estimates of $3.76 by $0.29. The company had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.96 billion. Cummins had a net margin of 5.57% and a return on equity of 29.17%. Cummins’s quarterly revenue was up 12.5% on a year-over-year basis. During the same period in the previous year, the business posted $2.71 earnings per share. Equities analysts anticipate that Cummins Inc. will post 15.34 earnings per share for the current year.
Cummins declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 8.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th will be paid a $1.14 dividend. The ex-dividend date is Wednesday, November 14th. This represents a $4.56 dividend on an annualized basis and a yield of 3.02%. Cummins’s dividend payout ratio is presently 42.94%.
A number of equities research analysts recently weighed in on the stock. ValuEngine raised shares of Cummins from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Stifel Nicolaus boosted their price target on shares of Cummins from $172.00 to $174.00 and gave the company a “buy” rating in a research report on Wednesday, October 10th. Bank of America boosted their price target on shares of Cummins from $157.00 to $160.00 and gave the company a “neutral” rating in a research report on Tuesday, October 9th. Piper Jaffray Companies raised shares of Cummins from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $143.00 to $188.00 in a research report on Thursday, October 4th. Finally, Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Friday. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company’s stock. Cummins has an average rating of “Hold” and an average price target of $162.89.
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Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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