EP Wealth Advisors LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 80.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,390 shares of the company's stock after purchasing an additional 1,514 shares during the quarter. EP Wealth Advisors LLC's holdings in Cummins were worth $1,097,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new position in Cummins during the 2nd quarter valued at approximately $28,000. Prospera Private Wealth LLC bought a new stake in Cummins during the 3rd quarter valued at $32,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the 2nd quarter valued at $28,000. Kathleen S. Wright Associates Inc. bought a new stake in Cummins during the 3rd quarter valued at $34,000. Finally, Gradient Investments LLC raised its stake in Cummins by 290.0% during the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company's stock valued at $43,000 after acquiring an additional 116 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.
Shares of CMI stock opened at $377.87 on Wednesday. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90. 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 company has a market capitalization of $51.84 billion, a price-to-earnings ratio of 24.95, a P/E/G ratio of 1.84 and a beta of 0.99. The stock's fifty day simple moving average is $349.67 and its 200-day simple moving average is $311.38.
Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating 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 quarter in the previous year, the company posted $4.73 earnings per share. Cummins's revenue for the quarter was up .3% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.93%. Cummins's dividend payout ratio is 48.08%.
In other Cummins news, VP Sharon R. Barner sold 162 shares of the business's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by corporate insiders.
Several brokerages have weighed in on CMI. JPMorgan Chase & Co. raised Cummins from an "underweight" rating to a "neutral" rating and lifted their target price for the company from $355.00 to $420.00 in a research note on Monday. Robert W. Baird boosted their price objective on Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Citigroup boosted their price objective on Cummins from $415.00 to $435.00 and gave the stock a "buy" rating in a research note on Monday. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and boosted their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Cummins currently has a consensus rating of "Hold" and a consensus target price of $352.85.
Get Our Latest Report on CMI
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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