Claro Advisors LLC Makes New $308,000 Investment in Cummins Inc. (NYSE:CMI)

Claro Advisors LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the third quarter, HoldingsChannel.com reports. The fund acquired 952 shares of the company’s stock, valued at approximately $308,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. PFG Investments LLC boosted its holdings 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 period. CWM LLC boosted its stake in Cummins by 17.4% in 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 grew its holdings in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after buying an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Cummins during the 2nd quarter worth $16,329,000. Finally, Cetera Advisors LLC lifted its holdings in shares of Cummins by 162.9% during the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after buying an additional 14,170 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,576 shares of company stock worth $9,033,945. 0.56% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CMI. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Barclays lifted their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $334.33.

Cummins Stock Performance

NYSE:CMI opened at $364.08 on Tuesday. The firm has a market capitalization of $49.94 billion, a P/E ratio of 24.05, a P/E/G ratio of 1.77 and a beta of 0.97. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21. The company has a fifty day moving average of $330.26 and a 200-day moving average of $302.36. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last posted its quarterly earnings results 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 return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the business earned $4.73 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

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.