Keating Investment Counselors Inc. Sells 1,075 Shares of Cummins Inc. (CMI)
Keating Investment Counselors Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI) by 4.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,220 shares of the company’s stock after selling 1,075 shares during the quarter. Cummins accounts for about 1.8% of Keating Investment Counselors Inc.’s investment portfolio, making the stock its 27th biggest holding. Keating Investment Counselors Inc.’s holdings in Cummins were worth $4,070,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Nomura Asset Management Co. Ltd. grew its holdings in Cummins by 116.1% during the first quarter. Nomura Asset Management Co. Ltd. now owns 77,168 shares of the company’s stock valued at $11,667,000 after purchasing an additional 41,462 shares during the period. Beacon Financial Group grew its holdings in Cummins by 59.9% during the second quarter. Beacon Financial Group now owns 6,093 shares of the company’s stock valued at $976,000 after purchasing an additional 2,283 shares during the period. Fox Run Management L.L.C. acquired a new position in Cummins during the second quarter valued at approximately $633,000. Capital Asset Advisory Services LLC acquired a new position in Cummins during the second quarter valued at approximately $358,000. Finally, Capstone Asset Management Co. grew its holdings in Cummins by 0.5% during the second quarter. Capstone Asset Management Co. now owns 16,179 shares of the company’s stock valued at $2,625,000 after purchasing an additional 77 shares during the period. Hedge funds and other institutional investors own 84.48% of the company’s stock.
Cummins Inc. (CMI) traded up $2.75 during midday trading on Thursday, reaching $163.39. 1,803,100 shares of the company’s stock traded hands, compared to its average volume of 1,307,839. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.57 and a quick ratio of 1.03. Cummins Inc. has a 1 year low of $134.06 and a 1 year high of $181.79. The company has a market capitalization of $26,661.02, a price-to-earnings ratio of 16.31, a P/E/G ratio of 1.30 and a beta of 1.16.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The company’s revenue was up 26.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.02 earnings per share. sell-side analysts expect that Cummins Inc. will post 10.19 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s payout ratio is presently 43.86%.
CMI has been the subject of several research analyst reports. Stifel Nicolaus reiterated a “hold” rating and issued a $190.00 price target (up previously from $186.00) on shares of Cummins in a report on Wednesday, November 1st. Buckingham Research initiated coverage on shares of Cummins in a report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price target for the company. Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 price target on shares of Cummins in a report on Thursday, August 3rd. Deutsche Bank AG reduced their price target on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a report on Wednesday, August 2nd. Finally, BMO Capital Markets upped their price target on shares of Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a report on Wednesday, November 8th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $173.96.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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