Mizuho Securities USA LLC Acquires 71,028 Shares of Cummins Inc. (NYSE:CMI)

Mizuho Securities USA LLC raised its stake in shares of Cummins Inc. (NYSE:CMI) by 673.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 81,573 shares of the company’s stock after purchasing an additional 71,028 shares during the period. Mizuho Securities USA LLC’s holdings in Cummins were worth $26,413,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. PFG Investments LLC raised its position in shares of Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after acquiring an additional 485 shares during the last quarter. CWM LLC increased its position in Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the period. Distillate Capital Partners LLC raised its holdings in Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Cummins in the 2nd quarter worth approximately $16,329,000. Finally, Cetera Advisors LLC boosted its stake in shares of Cummins by 162.9% in the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock valued at $6,739,000 after purchasing an additional 14,170 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Robert W. Baird lifted 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, November 6th. Citigroup lifted their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the company from $294.00 to $408.00 in a research report on Wednesday. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $334.33.

Cummins Stock Performance

Shares of CMI stock opened at $361.85 on Friday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a fifty day simple moving average of $328.91 and a two-hundred day simple moving average of $301.51. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21. The firm has a market capitalization of $49.64 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the firm posted $4.73 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 23.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock worth $9,033,945 over the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Cummins Company 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.