Adams Asset Advisors LLC raised its position in Cummins Inc. (NYSE:CMI) by 8.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,732 shares of the company’s stock after purchasing an additional 3,000 shares during the period. Cummins comprises about 0.8% of Adams Asset Advisors LLC’s investment portfolio, making the stock its 23rd largest position. Adams Asset Advisors LLC’s holdings in Cummins were worth $6,172,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in CMI. BlackRock Inc. lifted its holdings in Cummins by 2,874.8% in the 1st quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after purchasing an additional 9,867,890 shares in the last quarter. AJO LP lifted its holdings in Cummins by 11,096.3% in the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after purchasing an additional 1,139,586 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Cummins by 434.1% in the 2nd quarter. Franklin Resources Inc. now owns 1,380,233 shares of the company’s stock valued at $223,902,000 after purchasing an additional 1,121,833 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Cummins by 82.5% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock valued at $319,426,000 after purchasing an additional 890,404 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Cummins by 784.9% in the 2nd quarter. Janus Henderson Group PLC now owns 784,776 shares of the company’s stock valued at $127,307,000 after purchasing an additional 696,090 shares in the last quarter. Institutional investors own 80.31% of the company’s stock.
In other Cummins news, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $676,000.00. Following the transaction, the insider now directly owns 41,902 shares of the company’s stock, valued at approximately $7,081,438. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,633 shares of company stock worth $1,781,088. Company insiders own 0.62% of the company’s stock.
Cummins Inc. (CMI) traded up 0.45% during trading on Monday, reaching $177.90. The company’s stock had a trading volume of 91,272 shares. The stock’s 50-day moving average is $168.60 and its 200 day moving average is $160.11. Cummins Inc. has a 52-week low of $121.22 and a 52-week high of $178.06. The firm has a market capitalization of $29.71 billion, a price-to-earnings ratio of 20.11 and a beta of 1.13.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by ($0.05). Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the business posted $2.40 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.44%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio is currently 48.76%.
A number of research analysts have recently commented on the stock. Stifel Nicolaus upped their price objective on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 price objective on shares of Cummins in a research note on Wednesday, July 12th. Deutsche Bank AG dropped their price objective on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research note on Wednesday, August 2nd. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $161.00 price objective on shares of Cummins in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $164.91.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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