Fluent Financial LLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 15.2% in the third quarter, Holdings Channel reports. The institutional investor owned 8,788 shares of the company’s stock after selling 1,581 shares during the period. Fluent Financial LLC’s holdings in Cummins were worth $1,856,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in CMI. FDx Advisors Inc. bought a new position in Cummins during the first quarter worth about $27,000. Balentine LLC grew its position in shares of Cummins by 74.6% during the 2nd quarter. Balentine LLC now owns 199 shares of the company’s stock worth $34,000 after purchasing an additional 85 shares in the last quarter. Heritage Wealth Advisors increased its holdings in shares of Cummins by 123.5% during the second quarter. Heritage Wealth Advisors now owns 514 shares of the company’s stock worth $39,000 after purchasing an additional 284 shares during the period. Smithfield Trust Co. raised its position in shares of Cummins by 49.1% in the second quarter. Smithfield Trust Co. now owns 243 shares of the company’s stock valued at $43,000 after buying an additional 80 shares in the last quarter. Finally, Hall Laurie J Trustee bought a new stake in shares of Cummins in the third quarter valued at approximately $56,000. 82.40% of the stock is owned by institutional investors.
A number of research analysts recently commented on CMI shares. Barclays boosted their price target on Cummins from $175.00 to $192.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 29th. Cowen boosted their price objective on shares of Cummins from $171.00 to $199.00 and gave the company a “market perform” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. upped their target price on Cummins from $145.00 to $171.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Royal Bank of Canada lifted their price target on Cummins from $165.00 to $210.00 and gave the company a “sector perform” rating in a research note on Wednesday, July 29th. Finally, Citigroup upped their price objective on Cummins from $215.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $204.33.
NYSE CMI traded up $0.35 during trading hours on Friday, reaching $222.80. The company’s stock had a trading volume of 1,227,869 shares, compared to its average volume of 1,273,592. The firm has a fifty day simple moving average of $211.22 and a 200-day simple moving average of $181.49. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.89. Cummins Inc. has a 52 week low of $101.03 and a 52 week high of $227.15. The stock has a market cap of $32.90 billion, a P/E ratio of 19.88, a P/E/G ratio of 3.69 and a beta of 1.12.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $1.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.93. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.68 billion. Cummins had a net margin of 8.46% and a return on equity of 21.04%. The company’s revenue was down 38.1% on a year-over-year basis. During the same period in the prior year, the company posted $4.27 EPS. On average, research analysts expect that Cummins Inc. will post 9.37 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.42%. This is an increase from Cummins’s previous quarterly dividend of $1.31. The ex-dividend date of this dividend is Thursday, November 19th. Cummins’s dividend payout ratio is presently 34.82%.
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.
Featured Article: Stock Symbols Definition, Examples, Lookup
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.