Fortem Financial Group LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 61.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,344 shares of the company’s stock after selling 3,700 shares during the period. Fortem Financial Group LLC’s holdings in Cummins were worth $495,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CMI. FDx Advisors Inc. bought a new position in Cummins during the 1st quarter worth approximately $27,000. Balentine LLC grew its position in Cummins by 74.6% during the 2nd quarter. Balentine LLC now owns 199 shares of the company’s stock worth $34,000 after acquiring an additional 85 shares during the last quarter. Heritage Wealth Advisors grew its position in Cummins by 123.5% during the 2nd quarter. Heritage Wealth Advisors now owns 514 shares of the company’s stock worth $39,000 after acquiring an additional 284 shares during the last quarter. Smithfield Trust Co. grew its position in Cummins by 49.1% during the 2nd quarter. Smithfield Trust Co. now owns 243 shares of the company’s stock worth $43,000 after acquiring an additional 80 shares during the last quarter. Finally, Hall Laurie J Trustee bought a new position in Cummins during the 3rd quarter worth approximately $56,000. 82.40% of the stock is currently owned by institutional investors.
Several equities analysts recently issued reports on CMI shares. Credit Suisse Group raised their price target on Cummins from $203.00 to $244.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Barclays raised their price target on Cummins from $175.00 to $192.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 29th. Loop Capital lifted their price objective on Cummins from $130.00 to $160.00 and gave the stock a “sell” rating in a research report on Wednesday, July 29th. Sanford C. Bernstein began coverage on Cummins in a research report on Tuesday, September 22nd. They issued an “outperform” rating and a $255.00 price objective on the stock. Finally, Melius lowered Cummins from an “overweight” rating to a “neutral” rating in a research report on Friday, August 21st. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $204.33.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $1.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.93. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.68 billion. Cummins had a return on equity of 21.04% and a net margin of 8.46%. The firm’s quarterly revenue was down 38.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.27 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 9.37 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a dividend of $1.35 per share. This is a boost from Cummins’s previous quarterly dividend of $1.31. The ex-dividend date of this dividend is Thursday, November 19th. This represents a $5.40 dividend on an annualized basis and a yield of 2.42%. Cummins’s payout ratio is presently 34.82%.
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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