Loring Wolcott & Coolidge Fiduciary Advisors LLP MA reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 295,926 shares of the company’s stock after selling 14,464 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA owned about 0.18% of Cummins worth $43,226,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in CMI. Boston Partners lifted its stake in shares of Cummins by 45.4% during the 2nd quarter. Boston Partners now owns 4,918,989 shares of the company’s stock valued at $654,225,000 after buying an additional 1,534,792 shares in the last quarter. LSV Asset Management lifted its stake in shares of Cummins by 76.6% during the 2nd quarter. LSV Asset Management now owns 1,800,245 shares of the company’s stock valued at $239,432,000 after buying an additional 781,118 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Cummins by 134.3% during the 2nd quarter. Renaissance Technologies LLC now owns 780,300 shares of the company’s stock valued at $103,780,000 after buying an additional 447,336 shares in the last quarter. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Cummins during the 3rd quarter valued at approximately $63,360,000. Finally, Advisors Asset Management Inc. lifted its stake in shares of Cummins by 865.7% during the 2nd quarter. Advisors Asset Management Inc. now owns 345,618 shares of the company’s stock valued at $3,875,000 after buying an additional 309,827 shares in the last quarter. Institutional investors own 79.42% of the company’s stock.
NYSE CMI opened at $136.69 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.54. The company has a market capitalization of $22.15 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 0.75 and a beta of 1.12. Cummins Inc. has a 1 year low of $124.72 and a 1 year high of $194.18.
Cummins declared that its board has approved a stock buyback plan on Tuesday, October 9th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 8.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be given a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Wednesday, November 14th. Cummins’s dividend payout ratio (DPR) is currently 42.94%.
In other news, VP Tracy A. Embree sold 462 shares of the firm’s stock in a transaction on Monday, August 6th. The shares were sold at an average price of $141.70, for a total transaction of $65,465.40. Following the sale, the vice president now owns 4,122 shares in the company, valued at approximately $584,087.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Marya M. Rose sold 14,579 shares of the firm’s stock in a transaction on Monday, October 8th. The shares were sold at an average price of $151.07, for a total transaction of $2,202,449.53. Following the sale, the chief accounting officer now owns 24,424 shares in the company, valued at approximately $3,689,733.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,087 shares of company stock worth $3,914,211. Corporate insiders own 0.62% of the company’s stock.
A number of brokerages recently commented on CMI. ValuEngine upgraded shares of Cummins from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Stifel Nicolaus increased their target price on shares of Cummins from $172.00 to $174.00 and gave the stock a “buy” rating in a research note on Wednesday, October 10th. Piper Jaffray Companies upgraded shares of Cummins from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $143.00 to $188.00 in a research note on Thursday, October 4th. Bank of America increased their target price on shares of Cummins from $157.00 to $160.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 9th. Finally, Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $166.00 target price on the stock in a research note on Wednesday, September 26th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $164.77.
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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