Cadence Capital Management LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 52.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,815 shares of the company’s stock after selling 5,268 shares during the period. Cadence Capital Management LLC’s holdings in Cummins were worth $1,017,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Sara Bay Financial increased its stake in shares of Cummins by 2.1% during the 3rd quarter. Sara Bay Financial now owns 2,314 shares of the company’s stock worth $489,000 after purchasing an additional 48 shares during the last quarter. Optimum Investment Advisors grew its stake in Cummins by 3.8% in the 3rd quarter. Optimum Investment Advisors now owns 1,352 shares of the company’s stock valued at $285,000 after buying an additional 50 shares during the last quarter. Tiemann Investment Advisors LLC grew its stake in Cummins by 1.9% in the 2nd quarter. Tiemann Investment Advisors LLC now owns 3,144 shares of the company’s stock valued at $545,000 after buying an additional 58 shares during the last quarter. RBA Wealth Management LLC grew its stake in Cummins by 0.3% in the 2nd quarter. RBA Wealth Management LLC now owns 18,639 shares of the company’s stock valued at $3,229,000 after buying an additional 60 shares during the last quarter. Finally, Convergence Investment Partners LLC grew its stake in Cummins by 1.0% in the 2nd quarter. Convergence Investment Partners LLC now owns 7,357 shares of the company’s stock valued at $1,275,000 after buying an additional 70 shares during the last quarter. Institutional investors own 82.40% of the company’s stock.
A number of research analysts recently commented on the stock. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and upped their price target for the company from $193.00 to $240.00 in a research note on Tuesday, September 8th. Sanford C. Bernstein assumed coverage on shares of Cummins in a research note on Tuesday, September 22nd. They issued an “outperform” rating and a $255.00 price target on the stock. Loop Capital upped their price target on shares of Cummins from $130.00 to $160.00 and gave the company a “sell” rating in a research note on Wednesday, July 29th. Bank of America upped their price target on shares of Cummins from $185.00 to $216.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Finally, Melius lowered shares of Cummins from an “overweight” rating to a “neutral” rating in a research report on Friday, August 21st. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $204.33.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $1.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.93. Cummins had a net margin of 8.46% and a return on equity of 21.04%. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.68 billion. During the same quarter in the prior year, the firm posted $4.27 EPS. The firm’s quarterly revenue was down 38.1% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 9.37 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Thursday, November 19th. This is an increase from Cummins’s previous quarterly dividend of $1.31. Cummins’s dividend payout ratio is 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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