CIBC Asset Management Inc boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 7.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,340 shares of the company's stock after purchasing an additional 1,582 shares during the period. CIBC Asset Management Inc's holdings in Cummins were worth $7,557,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. PFG Investments LLC grew its holdings in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company's stock worth $725,000 after acquiring an additional 485 shares in the last quarter. CWM LLC grew its holdings in Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company's stock worth $3,908,000 after acquiring an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC grew 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 acquiring an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in Cummins during the 2nd quarter worth $16,329,000. Finally, Cetera Advisors LLC grew its holdings in Cummins by 162.9% during the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company's stock worth $6,739,000 after acquiring an additional 14,170 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.
Several brokerages have weighed in on CMI. Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an "equal weight" rating in a report on Monday, August 5th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a research report on Friday, October 11th. Vertical Research downgraded shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Citigroup raised their price target on shares of Cummins from $345.00 to $375.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Finally, Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $334.33.
Read Our Latest Research Report on CMI
CMI stock opened at $361.85 on Monday. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21. The company has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The firm's 50-day moving average is $328.91 and its two-hundred day moving average is $301.77. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.
Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the firm earned $4.73 EPS. Cummins's revenue was up .3% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.
The firm 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. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. Cummins's dividend payout ratio is currently 48.08%.
In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock valued at $9,033,945 in the last quarter. Insiders own 0.56% of the company's stock.
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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