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:CMI) 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.

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:CMI) 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

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.