Commonwealth Equity Services Inc grew its position in Cummins Inc. (NYSE:CMI) by 24.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 66,906 shares of the company’s stock after purchasing an additional 13,172 shares during the period. Commonwealth Equity Services Inc’s holdings in Cummins were worth $11,242,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Cummins by 2.6% in the second quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after purchasing an additional 298,352 shares during the period. BlackRock Inc. raised its holdings in Cummins by 4.1% in the second quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after purchasing an additional 422,135 shares during the period. American Century Companies Inc. raised its holdings in Cummins by 2.9% in the second quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after purchasing an additional 77,116 shares during the period. Boston Partners acquired a new stake in Cummins in the third quarter worth $416,229,000. Finally, First Eagle Investment Management LLC raised its holdings in Cummins by 2.0% in the third quarter. First Eagle Investment Management LLC now owns 1,997,863 shares of the company’s stock worth $335,701,000 after purchasing an additional 39,674 shares during the period. Institutional investors own 83.85% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded down $7.33 during mid-day trading on Friday, reaching $159.80. 1,791,463 shares of the company’s stock were exchanged, compared to its average volume of 1,289,334. The firm has a market capitalization of $27,690.02, a PE ratio of 16.94, a P/E/G ratio of 1.36 and a beta of 1.16. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19. Cummins Inc. has a 12-month low of $134.06 and a 12-month high of $181.79.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio is currently 43.86%.
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Several equities research analysts have weighed in on the stock. Argus increased their target price on shares of Cummins from $172.00 to $195.00 and gave the stock a “buy” rating in a report on Monday, November 6th. BMO Capital Markets increased their price objective on shares of Cummins from $185.00 to $190.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 8th. Jefferies Group LLC reissued a “hold” rating and set a $165.00 price objective (up previously from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus reissued a “hold” rating and set a $168.00 price objective (up previously from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $159.00 price objective on shares of Cummins in a research report on Thursday, August 3rd. 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 company’s stock. The stock has an average rating of “Hold” and a consensus price target of $173.96.
Cummins Company Profile
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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