Manning & Napier Advisors LLC decreased its position in Cummins Inc. (NYSE:CMI) by 8.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,634 shares of the company’s stock after selling 2,860 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Cummins were worth $5,315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. Johanson Financial Advisors Inc. lifted its position in Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after purchasing an additional 7 shares during the last quarter. Good Life Advisors LLC lifted its position in Cummins by 0.6% in the second quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock valued at $243,000 after purchasing an additional 9 shares during the last quarter. Northwest Quadrant Wealth Management LLC lifted its position in Cummins by 0.5% in the second quarter. Northwest Quadrant Wealth Management LLC now owns 2,251 shares of the company’s stock valued at $360,000 after purchasing an additional 11 shares during the last quarter. Bessemer Group Inc. lifted its position in Cummins by 1.1% in the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock valued at $187,000 after purchasing an additional 12 shares during the last quarter. Finally, Texas Yale Capital Corp. lifted its position in Cummins by 1.3% in the second quarter. Texas Yale Capital Corp. now owns 2,016 shares of the company’s stock valued at $327,000 after purchasing an additional 25 shares during the last quarter. Institutional investors own 83.85% of the company’s stock.
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Shares of Cummins Inc. (NYSE:CMI) traded down $7.72 during mid-day trading on Friday, reaching $159.41. The company had a trading volume of 3,518,103 shares, compared to its average volume of 1,525,742. The stock has a market capitalization of $26,456.80, a PE ratio of 16.18, a price-to-earnings-growth ratio of 1.30 and a beta of 1.16. Cummins Inc. has a 12 month low of $134.06 and a 12 month high of $181.79. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The firm’s revenue for the quarter was up 26.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.02 earnings per share. equities research analysts predict that Cummins Inc. will post 10.19 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be paid a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 2.71%. Cummins’s payout ratio is 43.86%.
Several brokerages have weighed in on CMI. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Royal Bank Of Canada boosted their price objective on Cummins from $169.00 to $173.00 and gave the company a “sector perform” rating in a research report on Thursday, November 2nd. Robert W. Baird reiterated a “sell” rating and issued a $153.00 price objective on shares of Cummins in a research report on Thursday, October 12th. Jefferies Group LLC reiterated a “hold” rating and issued a $165.00 price objective on shares of Cummins in a research report on Thursday, September 7th. Finally, ValuEngine downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $173.96.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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