Cummins Inc. (NYSE:CMI) Shares Bought by Verity & Verity LLC

Verity & Verity LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 34,640 shares of the company’s stock after purchasing an additional 357 shares during the quarter. Verity & Verity LLC’s holdings in Cummins were worth $11,216,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its holdings in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after buying an additional 604,735 shares in the last quarter. Pathway Financial Advisers LLC increased its position in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after acquiring an additional 26,977 shares in the last quarter. Legal & General Group Plc boosted its holdings in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after purchasing an additional 31,190 shares during the period. Finally, Marshfield Associates grew its stake in Cummins by 0.3% during the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after purchasing an additional 3,076 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased their price target on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Citigroup increased their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $334.33.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,576 shares of company stock worth $9,033,945. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Up 0.6 %

CMI stock opened at $364.08 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company has a fifty day moving average of $330.26 and a 200-day moving average of $302.36. Cummins Inc. has a one year low of $220.02 and a one year high of $370.21. The stock has a market capitalization of $49.94 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the prior year, the company earned $4.73 EPS. Cummins’s revenue was up .3% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.