West Coast Financial LLC reduced its position in Cummins Inc. (NYSE:CMI) by 1.4% in the 3rd quarter, Holdings Channel.com reports. The fund owned 44,622 shares of the company’s stock after selling 646 shares during the quarter. Cummins comprises about 1.6% of West Coast Financial LLC’s holdings, making the stock its 22nd largest position. West Coast Financial LLC’s holdings in Cummins were worth $7,259,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of CMI. Gradient Investments LLC boosted its holdings in shares of Cummins by 102.8% in the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after acquiring an additional 74 shares during the period. Krane Funds Advisors LLC acquired a new stake in shares of Cummins in the second quarter valued at approximately $26,000. Kempen Capital Management N.V. acquired a new stake in shares of Cummins in the second quarter valued at approximately $29,000. Meridian Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $32,000. Finally, Sonora Investment Management LLC acquired a new stake in shares of Cummins in the second quarter valued at approximately $32,000. 82.34% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE CMI traded up $1.24 during mid-day trading on Thursday, hitting $167.42. 34,605 shares of the company were exchanged, compared to its average volume of 1,233,419. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.18. The stock has a 50 day simple moving average of $158.24 and a 200-day simple moving average of $161.55. Cummins Inc. has a 1-year low of $124.40 and a 1-year high of $175.91. The firm has a market cap of $25.84 billion, a price-to-earnings ratio of 12.67, a price-to-earnings-growth ratio of 1.65 and a beta of 1.14.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The business had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.36 billion. During the same period last year, the business posted $4.14 EPS. Cummins’s revenue was up 1.5% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 15.84 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th will be issued a $1.311 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date of this dividend is Wednesday, November 13th. Cummins’s dividend payout ratio (DPR) is currently 39.61%.
Several brokerages recently weighed in on CMI. Credit Suisse Group increased their price target on Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Morgan Stanley decreased their price target on Cummins from $167.00 to $162.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. ValuEngine downgraded Cummins from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Finally, Barclays reaffirmed a “hold” rating and set a $159.00 price target on shares of Cummins in a report on Wednesday. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $166.61.
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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