Cummins Inc. (CMI) Position Maintained by Sentry Investment Management LLC
Sentry Investment Management LLC held its stake in Cummins Inc. (NYSE:CMI) during the third quarter, Holdings Channel reports. The fund owned 12,380 shares of the company’s stock at the end of the third quarter. Sentry Investment Management LLC’s holdings in Cummins were worth $1,586,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. First Manhattan Co. raised its position in shares of Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock valued at $107,000 after buying an additional 71 shares during the period. BlueMountain Capital Management LLC purchased a new position in shares of Cummins during the second quarter valued at approximately $109,000. Penserra Capital Management LLC raised its position in shares of Cummins by 100.0% in the third quarter. Penserra Capital Management LLC now owns 972 shares of the company’s stock valued at $124,000 after buying an additional 486 shares during the period. Signaturefd LLC raised its position in shares of Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock valued at $125,000 after buying an additional 162 shares during the period. Finally, Kanaly Trust Co raised its position in shares of Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock valued at $125,000 after buying an additional 34 shares during the period. 79.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE:CMI) traded up 2.58% on Wednesday, reaching $141.78. The company’s stock had a trading volume of 1,967,608 shares. The firm has a 50-day moving average price of $131.24 and a 200 day moving average price of $122.28. Cummins Inc. has a one year low of $79.88 and a one year high of $142.68. The firm has a market capitalization of $23.76 billion, a PE ratio of 20.60 and a beta of 1.32.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 1st. The company reported $2.02 EPS for the quarter, beating analysts’ consensus estimates of $1.96 by $0.06. The firm had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Cummins had a return on equity of 19.47% and a net margin of 6.62%. The company’s quarterly revenue was down 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.14 earnings per share. On average, analysts anticipate that Cummins Inc. will post $8.17 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Monday, November 21st will be paid a dividend of $1.025 per share. This is a boost from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date is Thursday, November 17th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 2.89%. Cummins’s dividend payout ratio is currently 59.33%.
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Several brokerages have recently commented on CMI. Vetr lowered Cummins from a “strong-buy” rating to a “buy” rating and set a $140.84 price objective on the stock. in a research report on Monday, November 7th. William Blair set a $110.00 price target on Cummins and gave the stock a “hold” rating in a research report on Thursday, September 8th. Jefferies Group raised their price target on Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, September 1st. BMO Capital Markets restated a “market perform” rating and set a $114.00 price target on shares of Cummins in a research report on Monday, September 12th. Finally, Evercore ISI upgraded Cummins from a “hold” rating to a “buy” rating and raised their price target for the stock from $113.00 to $144.00 in a research report on Monday, November 7th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $118.99.
In other news, CAO Marya M. Rose sold 5,450 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The stock was sold at an average price of $136.40, for a total transaction of $743,380.00. Following the transaction, the chief accounting officer now owns 20,193 shares of the company’s stock, valued at $2,754,325.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Marsha L. Hunt sold 5,910 shares of the company’s stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $128.10, for a total value of $757,071.00. Following the transaction, the vice president now directly owns 4,382 shares in the company, valued at approximately $561,334.20. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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