Applied Finance Capital Management LLC Increases Stock Holdings in Cummins Inc. (NYSE:CMI)

Applied Finance Capital Management LLC lifted its position in Cummins Inc. (NYSE:CMIFree Report) by 0.8% in the third quarter, HoldingsChannel reports. The firm owned 136,759 shares of the company’s stock after buying an additional 1,141 shares during the period. Cummins makes up about 1.1% of Applied Finance Capital Management LLC’s portfolio, making the stock its 22nd biggest holding. Applied Finance Capital Management LLC’s holdings in Cummins were worth $44,281,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Equitable Trust Co. grew its holdings in shares of Cummins by 3.6% in the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after purchasing an additional 32 shares during the period. CWA Asset Management Group LLC purchased a new stake in shares of Cummins in the third quarter valued at about $5,102,000. Leavell Investment Management Inc. purchased a new stake in shares of Cummins in the third quarter valued at about $222,000. Hollencrest Capital Management purchased a new stake in shares of Cummins in the third quarter valued at about $91,000. Finally, Capital Performance Advisors LLP purchased a new position in Cummins during the third quarter worth about $91,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Evercore ISI increased their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Robert W. Baird increased their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $324.83.

Read Our Latest Research Report on Cummins

Cummins Stock Up 0.5 %

CMI stock opened at $356.50 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $214.57 and a twelve month high of $370.21. The company’s 50 day moving average is $322.99 and its two-hundred day moving average is $299.12. The stock has a market cap of $48.86 billion, a P/E ratio of 25.70, a PEG ratio of 1.86 and a beta of 0.97.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the company earned $4.73 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 19.96 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.04%. Cummins’s payout ratio is 52.49%.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Profile

(Free Report)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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