Cummins Inc. (NYSE:CMI) Shares Purchased by Occidental Asset Management LLC

Occidental Asset Management LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 16.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,039 shares of the company’s stock after acquiring an additional 700 shares during the period. Occidental Asset Management LLC’s holdings in Cummins were worth $820,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Cummins by 2.3% during the second quarter. Vanguard Group Inc. now owns 12,170,719 shares of the company’s stock worth $2,085,331,000 after acquiring an additional 276,792 shares during the period. BlackRock Inc. grew its holdings in Cummins by 5.8% during the second quarter. BlackRock Inc. now owns 11,488,896 shares of the company’s stock worth $1,968,509,000 after acquiring an additional 629,235 shares during the period. Northern Trust Corp grew its holdings in Cummins by 0.9% during the second quarter. Northern Trust Corp now owns 2,468,142 shares of the company’s stock worth $422,891,000 after acquiring an additional 22,363 shares during the period. AQR Capital Management LLC grew its holdings in Cummins by 173.8% during the second quarter. AQR Capital Management LLC now owns 2,366,771 shares of the company’s stock worth $400,387,000 after acquiring an additional 1,502,462 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Cummins by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 2,185,924 shares of the company’s stock worth $374,536,000 after acquiring an additional 10,081 shares during the period. 82.34% of the stock is currently owned by hedge funds and other institutional investors.

Cummins stock traded up $2.43 during trading hours on Friday, hitting $170.07. The stock had a trading volume of 50,276 shares, compared to its average volume of 1,219,739. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 1.04. The stock has a market capitalization of $26.65 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 1.68 and a beta of 1.14. Cummins Inc. has a 1-year low of $124.40 and a 1-year high of $175.91. The stock’s fifty day moving average is $158.71 and its two-hundred day moving average is $161.59.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.38 by ($0.11). The firm had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.36 billion. Cummins had a net margin of 10.74% and a return on equity of 29.75%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period last year, the company posted $4.14 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 15.81 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be paid a dividend of $1.311 per share. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date is Wednesday, November 13th. Cummins’s payout ratio is currently 39.61%.

A number of brokerages recently weighed in on CMI. Barclays reaffirmed a “hold” rating and set a $159.00 price objective on shares of Cummins in a report on Wednesday. Loop Capital lowered Cummins from a “hold” rating to a “sell” rating and dropped their price objective for the stock from $168.00 to $145.00 in a report on Tuesday, July 2nd. Credit Suisse Group upped their price objective on Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, ValuEngine lowered Cummins from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $166.61.

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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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