Cummins Inc. $CMI Stock Purchased by R Squared Ltd

R Squared Ltd increased its stake in Cummins Inc. (NYSE:CMI) by 158.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,499 shares of the company’s stock after buying an additional 2,147 shares during the quarter. Cummins makes up 1.0% of R Squared Ltd’s portfolio, making the stock its 9th biggest position. R Squared Ltd’s holdings in Cummins were worth $1,807,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. BlackRock Inc. purchased a new position in Cummins during the second quarter valued at $8,204,241,000. Bank of America Corp DE purchased a new stake in shares of Cummins in the second quarter worth $1,408,353,000. Bank of New York Mellon Corp purchased a new stake in shares of Cummins in the second quarter worth $973,198,000. Legal & General Group Plc purchased a new stake in shares of Cummins in the second quarter worth $666,635,000. Finally, Amundi increased its holdings in shares of Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after acquiring an additional 147,093 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is owned by company insiders.

Cummins Stock Performance

CMI stock opened at $455.48 on Friday. The stock has a market capitalization of $62.44 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 1.23 and a beta of 1.26. Cummins Inc. has a 12-month low of $443.62 and a 12-month high of $737.76. The company has a current ratio of 1.74, a quick ratio of 1.13 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $518.60 and its 200 day simple moving average is $597.27.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 5th. The company reported $8.25 EPS for the quarter, topping analysts’ consensus estimates of $8.20 by $0.05. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.89 billion. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The company’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter last year, the company earned $5.59 EPS. As a group, research analysts forecast that Cummins Inc. will post 29.83 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is presently 36.73%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CMI. UBS Group lowered their price target on Cummins from $741.00 to $675.00 and set a “buy” rating for the company in a research report on Tuesday. Morgan Stanley set a $720.00 price target on shares of Cummins in a research note on Wednesday. DA Davidson increased their price objective on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Wells Fargo & Company decreased their target price on shares of Cummins from $608.00 to $520.00 and set an “overweight” rating for the company in a report on Friday, November 6th. Thirteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $659.44.

Cummins Profile

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.