Stifel Financial Corp Trims Stock Position in Cummins Inc. (NYSE:CMI)

Stifel Financial Corp lessened its stake in Cummins Inc. (NYSE:CMI) by 0.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,505,626 shares of the company’s stock after selling 14,183 shares during the quarter. Stifel Financial Corp’s holdings in Cummins were worth $487,507,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Fisher Asset Management LLC grew its stake in Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC lifted its holdings in shares of Cummins by 31,489.1% in the 3rd 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 last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after acquiring an additional 26,977 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after acquiring an additional 31,190 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after acquiring an additional 9,245 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 in the last three months. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Robert W. Baird upped their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cummins presently has a consensus rating of “Hold” and an average target price of $337.67.

Cummins Price Performance

Shares of NYSE:CMI opened at $378.31 on Thursday. The firm’s 50 day moving average price is $346.31 and its 200-day moving average price is $309.20. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $379.66. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $51.90 billion, a PE ratio of 24.99, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the business earned $4.73 EPS. The firm’s revenue was up .3% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Cummins 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.