Motley Fool Asset Management LLC Boosts Stock Position in Cummins Inc. (NYSE:CMI)

Motley Fool Asset Management LLC increased its stake in Cummins Inc. (NYSE:CMI) by 3.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 5,515 shares of the company’s stock after buying an additional 201 shares during the quarter. Motley Fool Asset Management LLC’s holdings in Cummins were worth $1,799,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. IHT Wealth Management LLC boosted its stake in Cummins by 31.8% during the 3rd quarter. IHT Wealth Management LLC now owns 7,089 shares of the company’s stock valued at $2,302,000 after purchasing an additional 1,711 shares during the last quarter. Ingalls & Snyder LLC purchased a new stake in Cummins during the 3rd quarter valued at $210,000. Integrated Wealth Concepts LLC boosted its stake in Cummins by 26.3% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 7,653 shares of the company’s stock valued at $2,478,000 after purchasing an additional 1,592 shares during the last quarter. Investment Management Corp of Ontario boosted its stake in Cummins by 22.9% during the 3rd quarter. Investment Management Corp of Ontario now owns 8,060 shares of the company’s stock valued at $2,610,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in Cummins by 8.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 197,453 shares of the company’s stock valued at $63,933,000 after purchasing an additional 14,940 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $378.31 on Thursday. Cummins Inc. has a one year low of $226.52 and a one year high of $379.66. The stock’s fifty day moving average is $346.31 and its 200 day moving average is $309.20. The stock has a market cap of $51.90 billion, a P/E ratio of 24.99, a P/E/G ratio of 1.83 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last announced 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. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm earned $4.73 EPS. Sell-side analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.92%. Cummins’s payout ratio is 48.08%.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on CMI shares. Robert W. Baird increased their target price on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Citigroup increased their target price on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. The Goldman Sachs Group increased their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a report on Wednesday, November 6th. Finally, StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $337.67.

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.