MSI Financial Services Inc lowered its position in Cummins Inc. (NYSE:CMI) by 10.1% during the third quarter, Holdings Channel reports. The firm owned 13,896 shares of the company’s stock after selling 1,561 shares during the period. MSI Financial Services Inc’s holdings in Cummins were worth $1,781,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pitcairn Co. increased its position in shares of Cummins by 0.3% in the second quarter. Pitcairn Co. now owns 2,034 shares of the company’s stock worth $229,000 after buying an additional 7 shares during the last quarter. Blue Chip Partners Inc. increased its position in shares of Cummins by 0.8% in the second quarter. Blue Chip Partners Inc. now owns 2,745 shares of the company’s stock worth $309,000 after buying an additional 23 shares during the last quarter. San Francisco Sentry Investment Group CA increased its position in shares of Cummins by 1.0% in the second quarter. San Francisco Sentry Investment Group CA now owns 2,576 shares of the company’s stock worth $290,000 after buying an additional 25 shares during the last quarter. Burnham Asset Management Corp NY increased its position in shares of Cummins by 0.6% in the second quarter. Burnham Asset Management Corp NY now owns 3,985 shares of the company’s stock worth $448,000 after buying an additional 25 shares during the last quarter. Finally, Proficio Capital Partners LLC increased its position in shares of Cummins by 2.2% in the second quarter. Proficio Capital Partners LLC now owns 1,228 shares of the company’s stock worth $150,000 after buying an additional 26 shares during the last quarter. 79.62% of the stock is owned by institutional investors.
Shares of Cummins Inc. (NYSE:CMI) traded down 2.10% during trading on Monday, hitting $138.32. The stock had a trading volume of 1,693,049 shares. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $141.65. The company has a market cap of $23.18 billion, a PE ratio of 20.10 and a beta of 1.32. The stock’s 50 day moving average is $130.55 and its 200-day moving average is $121.95.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 1st. The company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.96 by $0.06. The business earned $4.49 billion during the quarter, compared to analysts’ expectations of $4.23 billion. Cummins had a return on equity of 19.47% and a net margin of 6.62%. The company’s quarterly revenue was down 9.4% compared to the same quarter last year. During the same period last year, the firm earned $2.14 EPS. Analysts forecast that Cummins Inc. will post $8.17 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be issued a dividend of $1.025 per share. The ex-dividend date is Thursday, November 17th. This is a boost from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 annualized dividend and a yield of 2.98%. Cummins’s payout ratio is currently 59.33%.
A number of brokerages have issued reports on CMI. Vetr downgraded Cummins from a “strong-buy” rating to a “buy” rating and set a $140.84 price target for the company. in a report on Monday, November 7th. William Blair set a $110.00 price target on Cummins and gave the company a “hold” rating in a report on Thursday, September 8th. Jefferies Group boosted their price objective on Cummins from $115.00 to $120.00 and gave the company a “hold” rating in a research report on Thursday, September 1st. BMO Capital Markets restated a “market perform” rating and issued a $114.00 price objective on shares of Cummins in a research report on Monday, September 12th. Finally, Evercore ISI upgraded Cummins from a “hold” rating to a “buy” rating and boosted their price objective for the company from $113.00 to $144.00 in a research report on Monday, November 7th. Three analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $118.99.
In related news, CAO Marya M. Rose sold 5,450 shares of Cummins stock in a transaction on Friday, November 11th. The stock was sold at an average price of $136.40, for a total transaction of $743,380.00. Following the completion of the transaction, the chief accounting officer now directly owns 20,193 shares of the company’s stock, valued at $2,754,325.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Marsha L. Hunt sold 5,910 shares of Cummins 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 transaction, the vice president now directly owns 4,382 shares of the company’s stock, valued at $561,334.20. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company’s stock.
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.