Ritholtz Wealth Management decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 4.8% during the third quarter, HoldingsChannel.com reports. The fund owned 4,676 shares of the company’s stock after selling 238 shares during the period. Ritholtz Wealth Management’s holdings in Cummins were worth $1,050,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Private Advisor Group LLC grew its holdings in Cummins by 65.4% in the 3rd quarter. Private Advisor Group LLC now owns 52,828 shares of the company’s stock valued at $11,863,000 after buying an additional 20,887 shares during the last quarter. Great Valley Advisor Group Inc. grew its holdings in Cummins by 10.8% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,350 shares of the company’s stock valued at $528,000 after buying an additional 230 shares during the last quarter. Beech Hill Advisors Inc. acquired a new stake in Cummins in the 3rd quarter valued at approximately $2,533,000. BKD Wealth Advisors LLC grew its holdings in Cummins by 6.3% in the 3rd quarter. BKD Wealth Advisors LLC now owns 2,944 shares of the company’s stock valued at $661,000 after buying an additional 174 shares during the last quarter. Finally, DAVENPORT & Co LLC grew its holdings in Cummins by 105.5% in the 3rd quarter. DAVENPORT & Co LLC now owns 42,055 shares of the company’s stock valued at $9,444,000 after buying an additional 21,593 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Walter J. Fier sold 7,360 shares of Cummins stock in a transaction on Thursday, November 11th. The stock was sold at an average price of $235.70, for a total transaction of $1,734,752.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Tony Satterthwaite sold 9,190 shares of Cummins stock in a transaction on Tuesday, November 23rd. The stock was sold at an average price of $226.72, for a total value of $2,083,556.80. The disclosure for this sale can be found here. Insiders sold a total of 17,550 shares of company stock valued at $4,052,119 over the last three months. Insiders own 1.00% of the company’s stock.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, November 1st. The company reported $3.69 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.99 by ($0.30). Cummins had a net margin of 9.32% and a return on equity of 24.91%. During the same period in the prior year, the company posted $3.57 earnings per share. As a group, research analysts predict that Cummins Inc. will post 15.26 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 2nd. Stockholders of record on Friday, November 19th will be paid a $1.45 dividend. The ex-dividend date is Thursday, November 18th. This represents a $5.80 annualized dividend and a dividend yield of 2.64%. Cummins’s dividend payout ratio (DPR) is currently 38.11%.
Several brokerages have recently weighed in on CMI. Evercore ISI decreased their price objective on Cummins from $315.00 to $299.00 and set an “outperform” rating on the stock in a report on Thursday, October 14th. Credit Suisse Group lifted their price objective on Cummins from $295.00 to $304.00 and gave the stock an “outperform” rating in a report on Wednesday, November 3rd. Morgan Stanley lifted their price objective on Cummins from $252.00 to $262.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 3rd. The Goldman Sachs Group downgraded Cummins from a “buy” rating to a “neutral” rating and cut their target price for the stock from $270.00 to $230.00 in a research report on Tuesday, August 24th. Finally, Citigroup raised their target price on Cummins from $280.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, October 12th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $284.36.
Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, 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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