Adams Asset Advisors LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 1.9% during the third quarter, Holdings Channel reports. The fund owned 43,803 shares of the company’s stock after selling 842 shares during the period. Cummins accounts for 0.8% of Adams Asset Advisors LLC’s investment portfolio, making the stock its 21st largest position. Adams Asset Advisors LLC’s holdings in Cummins were worth $5,613,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. First Manhattan Co. boosted its position in Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock worth $107,000 after buying an additional 71 shares during the last quarter. BlueMountain Capital Management LLC purchased a new position in Cummins during the second quarter worth approximately $109,000. Kanaly Trust Co boosted its position in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock worth $125,000 after buying an additional 34 shares during the last quarter. Signaturefd LLC boosted its position in Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock worth $125,000 after buying an additional 162 shares during the last quarter. Finally, FCM Investments TX boosted its position in Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock worth $135,000 after buying an additional 300 shares during the last quarter. Institutional investors own 79.62% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded down 2.10% during trading on Monday, hitting $138.32. The stock had a trading volume of 1,691,976 shares. The firm has a market cap of $23.18 billion, a P/E ratio of 20.10 and a beta of 1.32. The firm has a 50 day moving average price of $130.27 and a 200 day moving average price of $121.68. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $141.65.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 1st. The company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.96 by $0.06. Cummins had a return on equity of 19.47% and a net margin of 6.62%. The firm earned $4.49 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same quarter in the prior year, the business posted $2.14 EPS. The business’s revenue for the quarter was down 9.4% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post $8.17 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be paid a $1.025 dividend. This is a positive change from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date is Thursday, November 17th. This represents a $4.10 dividend on an annualized basis and a yield of 2.98%. Cummins’s dividend payout ratio (DPR) is 59.33%.
CMI has been the subject of a number of recent research reports. Vetr cut Cummins from a “buy” rating to a “hold” rating and set a $142.84 price objective for the company. in a research note on Tuesday, November 22nd. Goldman Sachs Group Inc. upgraded Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $134.00 to $162.00 in a research note on Tuesday, October 11th. BMO Capital Markets reiterated a “market perform” rating and set a $114.00 price objective on shares of Cummins in a research note on Monday, September 12th. William Blair set a $110.00 price objective on Cummins and gave the company a “hold” rating in a research note on Thursday, September 8th. Finally, Barclays PLC lifted their price objective on Cummins from $105.00 to $108.00 and gave the company an “underweight” rating in a research note on Wednesday, October 12th. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $118.99.
In related news, VP Marsha L. Hunt sold 5,910 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $128.10, for a total value of $757,071.00. Following the completion of the transaction, the vice president now owns 4,382 shares in the company, valued at approximately $561,334.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Marya M. Rose sold 5,450 shares of the firm’s stock in a transaction on Friday, November 11th. The stock was sold at an average price of $136.40, for a total value of $743,380.00. Following the completion of the transaction, the chief accounting officer now owns 20,193 shares of the company’s stock, valued at approximately $2,754,325.20. The disclosure for this sale can be found here. 0.57% of the stock is owned by corporate insiders.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets.