American Century Companies Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 12.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,518,910 shares of the company’s stock after buying an additional 271,489 shares during the quarter. American Century Companies Inc. owned approximately 1.57% of Cummins worth $367,937,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Edge Wealth Management LLC purchased a new position in Cummins during the third quarter valued at approximately $102,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in Cummins by 5,873.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock valued at $119,000 after buying an additional 881 shares during the period. MHI Funds LLC purchased a new position in Cummins during the second quarter valued at approximately $147,000. Qube Research & Technologies Ltd purchased a new position in Cummins during the second quarter valued at approximately $155,000. Finally, Centaurus Financial Inc. increased its holdings in Cummins by 73.2% during the second quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock valued at $164,000 after buying an additional 520 shares during the period. 79.79% of the stock is currently owned by institutional investors.
In other news, CAO Marya M. Rose sold 14,579 shares of Cummins stock in a transaction on Monday, October 8th. The shares were sold at an average price of $151.07, for a total transaction of $2,202,449.53. Following the completion of the sale, the chief accounting officer now directly owns 24,424 shares in the company, valued at $3,689,733.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jill E. Cook sold 5,307 shares of Cummins stock in a transaction on Wednesday, October 3rd. The stock was sold at an average price of $150.00, for a total transaction of $796,050.00. Following the sale, the insider now owns 14,985 shares of the company’s stock, valued at $2,247,750. The disclosure for this sale can be found here. Insiders have sold 25,720 shares of company stock valued at $3,863,456 over the last quarter. Insiders own 0.67% of the company’s stock.
NYSE:CMI opened at $143.83 on Tuesday. Cummins Inc. has a 12 month low of $124.72 and a 12 month high of $194.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.94. The firm has a market cap of $22.77 billion, a PE ratio of 13.54, a P/E/G ratio of 0.77 and a beta of 1.16.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.76 by $0.29. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The business had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.96 billion. During the same period in the previous year, the firm posted $2.71 earnings per share. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 15.34 EPS for the current year.
Cummins announced that its board has approved a stock buyback program on Tuesday, October 9th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 8.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be paid a dividend of $1.14 per share. The ex-dividend date is Wednesday, November 14th. This represents a $4.56 annualized dividend and a dividend yield of 3.17%. Cummins’s payout ratio is currently 42.94%.
Several brokerages recently issued reports on CMI. Mizuho set a $145.00 price objective on shares of Cummins and gave the company a “hold” rating in a report on Wednesday, October 31st. Morgan Stanley cut their price target on shares of Cummins from $165.00 to $151.00 and set a “hold” rating on the stock in a report on Wednesday, October 31st. Credit Suisse Group cut their price target on shares of Cummins from $177.00 to $168.00 and set an “outperform” rating on the stock in a report on Wednesday, October 31st. Robert W. Baird raised shares of Cummins from an “underperform” rating to a “neutral” rating in a report on Wednesday, October 31st. Finally, Wells Fargo & Co reaffirmed a “hold” rating and issued a $145.00 price target (down from $158.00) on shares of Cummins in a report on Tuesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have given a buy rating to the company’s stock. Cummins presently has an average rating of “Hold” and a consensus price target of $163.60.
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Cummins Company Profile
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.
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