B. Riley Wealth Management Inc. purchased a new position in Cummins Inc. (NYSE:CMI) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,433 shares of the company’s stock, valued at approximately $355,000.
Several other institutional investors have also recently made changes to their positions in CMI. Edge Wealth Management LLC purchased a new stake in shares of Cummins in the third quarter worth about $102,000. Pflug Koory LLC increased its position in shares of Cummins by 604.0% in the third quarter. Pflug Koory LLC now owns 1,056 shares of the company’s stock worth $154,000 after purchasing an additional 906 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Cummins in the second quarter worth approximately $155,000. Centaurus Financial Inc. increased its position in shares of Cummins by 73.2% in the second quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock worth $164,000 after purchasing an additional 520 shares during the last quarter. Finally, Monetary Management Group Inc. increased its position in shares of Cummins by 80.9% in the second quarter. Monetary Management Group Inc. now owns 1,375 shares of the company’s stock worth $183,000 after purchasing an additional 615 shares during the last quarter. 80.43% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE CMI opened at $130.11 on Friday. Cummins Inc. has a one year low of $124.72 and a one year high of $194.18. The company has a current ratio of 1.54, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19. The company has a market cap of $21.09 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 0.72 and a beta of 1.17.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 EPS for the quarter, beating analysts’ consensus estimates of $3.76 by $0.29. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The business had revenue of $5.94 billion for the quarter, compared to analysts’ expectations of $5.96 billion. During the same period last year, the business earned $2.71 earnings per share. The business’s quarterly revenue was up 12.5% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 15.34 EPS for the current fiscal year.
Cummins declared that its Board of Directors has initiated a stock repurchase program on Tuesday, October 9th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 8.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th were given a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend was Wednesday, November 14th. Cummins’s payout ratio is currently 42.94%.
In other news, CAO Marya M. Rose sold 10,970 shares of the firm’s stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $155.00, for a total value of $1,700,350.00. Following the transaction, the chief accounting officer now owns 26,035 shares in the company, valued at $4,035,425. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Pat Ward sold 4,503 shares of the firm’s stock in a transaction that occurred on Wednesday, October 3rd. The stock was sold at an average price of $148.93, for a total transaction of $670,631.79. The disclosure for this sale can be found here. Insiders have sold 66,371 shares of company stock worth $9,609,766 over the last quarter. Company insiders own 0.67% of the company’s stock.
CMI has been the topic of several research analyst reports. JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $156.00 to $137.00 in a research report on Friday, August 24th. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $166.00 price objective on the stock in a research report on Thursday, November 29th. Bank of America upped their price objective on shares of Cummins from $157.00 to $160.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 9th. UBS Group set a $130.00 price objective on shares of Cummins and gave the stock a “sell” rating in a research report on Tuesday, November 6th. Finally, ValuEngine upgraded shares of Cummins from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. Cummins presently has an average rating of “Hold” and an average price target of $163.16.
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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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