BerganKDV Wealth Management LLC Grows Stake in Cummins Inc. (CMI)
BerganKDV Wealth Management LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 10.5% in the third quarter, HoldingsChannel reports. The firm owned 6,234 shares of the company’s stock after buying an additional 591 shares during the period. BerganKDV Wealth Management LLC’s holdings in Cummins were worth $911,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Edge Wealth Management LLC purchased a new stake in Cummins during the 3rd quarter valued at about $102,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in Cummins by 5,873.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock valued at $119,000 after acquiring an additional 881 shares in the last quarter. Pflug Koory LLC grew its stake in Cummins by 604.0% during the 3rd quarter. Pflug Koory LLC now owns 1,056 shares of the company’s stock valued at $154,000 after acquiring an additional 906 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in Cummins during the 2nd quarter valued at about $155,000. Finally, Centaurus Financial Inc. grew its stake in Cummins by 73.2% during the 2nd quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock valued at $164,000 after acquiring an additional 520 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.
Cummins stock opened at $147.11 on Monday. Cummins Inc. has a 1-year low of $124.72 and a 1-year high of $194.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.94. The company has a market capitalization of $23.62 billion, a PE ratio of 13.85, a PEG ratio of 0.80 and a beta of 1.16.
Cummins declared that its Board of Directors has approved a stock repurchase program on Tuesday, October 9th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 8.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be paid a $1.14 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $4.56 annualized dividend and a dividend yield of 3.10%. Cummins’s dividend payout ratio (DPR) is 42.94%.
In other news, insider Tony Satterthwaite sold 830 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $141.61, for a total value of $117,536.30. Following the transaction, the insider now directly owns 40,371 shares in the company, valued at approximately $5,716,937.31. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Mark Andrew Smith sold 501 shares of the company’s stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total transaction of $76,788.27. Following the completion of the transaction, the vice president now owns 4,463 shares in the company, valued at $684,044.01. The disclosure for this sale can be found here. In the last three months, insiders sold 27,090 shares of company stock valued at $4,062,754. Corporate insiders own 0.62% of the company’s stock.
CMI has been the subject of several research reports. JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $156.00 to $137.00 in a research note on Friday, August 24th. Wells Fargo & Co set a $158.00 price objective on shares of Cummins and gave the company a “hold” rating in a research note on Wednesday, August 1st. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday, September 3rd. Loop Capital initiated coverage on shares of Cummins in a research note on Wednesday, October 17th. They set a “buy” rating and a $170.00 price objective for the company. Finally, ValuEngine raised shares of Cummins from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $163.70.
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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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