Kistler Tiffany Companies LLC lowered its position in Cummins Inc. (NYSE:CMI) by 9.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,280 shares of the company’s stock after selling 250 shares during the quarter. Kistler Tiffany Companies LLC’s holdings in Cummins were worth $305,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in CMI. LSV Asset Management increased its position in shares of 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 buying an additional 1,434,282 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of 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 buying an additional 583,376 shares in the last quarter. Federated Investors Inc. PA increased its position in shares of Cummins by 300.1% in the third quarter. Federated Investors Inc. PA now owns 642,093 shares of the company’s stock valued at $93,790,000 after buying an additional 481,621 shares in the last quarter. Robeco Institutional Asset Management B.V. purchased a new position in shares of Cummins in the third quarter valued at $63,360,000. Finally, Bessemer Group Inc. increased its position in shares of Cummins by 40,331.8% in the third quarter. Bessemer Group Inc. now owns 426,960 shares of the company’s stock valued at $62,366,000 after buying an additional 425,904 shares in the last quarter. Institutional investors and hedge funds own 80.41% of the company’s stock.
Shares of CMI traded down $0.01 during trading hours on Monday, reaching $139.53. 39,609 shares of the company traded hands, compared to its average volume of 1,294,650. The company has a quick ratio of 0.94, a current ratio of 1.54 and a debt-to-equity ratio of 0.19. The firm has a market cap of $22.07 billion, a P/E ratio of 13.14, a PEG ratio of 0.74 and a beta of 1.17. Cummins Inc. has a fifty-two week low of $124.40 and a fifty-two week high of $194.18.
Cummins announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 9th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 8.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In other Cummins news, Director Alexis M. Herman sold 775 shares of the firm’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $143.64, for a total value of $111,321.00. Following the sale, the director now directly owns 30,069 shares of the company’s stock, valued at approximately $4,319,111.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Norman Thomas Linebarger sold 24,830 shares of the firm’s stock in a transaction dated Monday, December 17th. The stock was sold at an average price of $133.19, for a total value of $3,307,107.70. Following the completion of the sale, the chief executive officer now directly owns 84,418 shares in the company, valued at $11,243,633.42. The disclosure for this sale can be found here. Over the last three months, insiders sold 41,481 shares of company stock worth $5,863,847. 0.67% of the stock is owned by corporate insiders.
A number of research analysts have recently weighed in on the company. Zacks Investment Research cut Cummins from a “hold” rating to a “sell” rating in a research report on Wednesday, January 9th. Royal Bank of Canada restated a “hold” rating and issued a $155.00 price target on shares of Cummins in a research report on Monday, December 24th. ValuEngine upgraded Cummins from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 8th. UBS Group set a $130.00 price target on Cummins and gave the company a “sell” rating in a research report on Tuesday, November 6th. Finally, Mizuho set a $145.00 price target on Cummins and gave the company a “hold” rating in a research report on Wednesday, October 31st. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $162.75.
COPYRIGHT VIOLATION WARNING: “Cummins Inc. (CMI) Shares Sold by Kistler Tiffany Companies LLC” was reported by Community Financial News and is the property of of Community Financial News. If you are accessing this news story on another publication, it was illegally copied and reposted in violation of international trademark & copyright laws. The original version of this news story can be read at https://www.com-unik.info/2019/01/14/cummins-inc-cmi-shares-sold-by-kistler-tiffany-companies-llc.html.
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.
Read More: Trading Ex-Dividend Strategy
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.