Valley National Advisers Inc. Purchases 5,143 Shares of Cummins Inc. (CMI)

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Valley National Advisers Inc. raised its position in Cummins Inc. (NYSE:CMI) by 1,130.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,598 shares of the company’s stock after purchasing an additional 5,143 shares during the period. Valley National Advisers Inc.’s holdings in Cummins were worth $818,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CMI. Boston Partners increased its position in Cummins by 45.4% during the 2nd quarter. Boston Partners now owns 4,918,989 shares of the company’s stock worth $654,225,000 after purchasing an additional 1,534,792 shares in the last quarter. LSV Asset Management increased its position in Cummins by 79.7% during the 3rd quarter. LSV Asset Management now owns 3,234,527 shares of the company’s stock worth $472,467,000 after purchasing an additional 1,434,282 shares in the last quarter. American Century Companies Inc. increased its position in Cummins by 12.1% during the 3rd quarter. American Century Companies Inc. now owns 2,518,910 shares of the company’s stock worth $367,937,000 after purchasing an additional 271,489 shares in the last quarter. FMR LLC increased its position in Cummins by 11.6% during the 2nd quarter. FMR LLC now owns 2,385,506 shares of the company’s stock worth $317,272,000 after purchasing an additional 248,721 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in Cummins by 33.4% during the 3rd quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock worth $340,407,000 after purchasing an additional 583,376 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

In related news, CAO Marya M. Rose sold 14,579 shares of the firm’s stock in a transaction on Monday, October 8th. The stock was sold at an average price of $151.07, for a total transaction of $2,202,449.53. Following the transaction, the chief accounting officer now directly owns 24,424 shares in the company, valued at $3,689,733.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Pat Ward sold 4,503 shares of the firm’s stock in a transaction on Wednesday, October 3rd. The stock was sold at an average price of $148.93, for a total value of $670,631.79. The disclosure for this sale can be found here. Insiders have sold 26,495 shares of company stock worth $3,974,777 over the last 90 days. 0.62% of the stock is currently owned by company insiders.

Several brokerages have issued reports on CMI. Wells Fargo & Co set a $158.00 price objective on shares of Cummins and gave the company a “hold” rating in a research report on Wednesday, August 1st. JPMorgan Chase & Co. downgraded shares of Cummins from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $156.00 to $137.00 in a research report on Friday, August 24th. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $157.00 price objective for the company in a research report on Tuesday, October 23rd. Bank of America increased their price objective on shares of Cummins from $157.00 to $160.00 and gave the company a “neutral” rating in a research report on Tuesday, October 9th. Finally, UBS Group set a $130.00 price objective on shares of Cummins and gave the company a “sell” rating in a research report on Tuesday, November 6th. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $163.30.

Shares of CMI stock traded up $0.30 during mid-day trading on Friday, reaching $147.76. 136,715 shares of the company were exchanged, compared to its average volume of 1,939,811. Cummins Inc. has a fifty-two week low of $124.72 and a fifty-two week 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 capitalization of $23.20 billion, a P/E ratio of 13.91, a PEG ratio of 0.79 and a beta of 1.16.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.96 billion. During the same quarter last year, the company earned $2.71 earnings per share. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 15.34 EPS for the current year.

Cummins declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 8.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 15th will be paid a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a yield of 3.09%. The ex-dividend date is Wednesday, November 14th. Cummins’s dividend payout ratio (DPR) is presently 42.94%.

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About Cummins

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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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