108,850 Shares in Cummins Inc. (CMI) Purchased by Skba Capital Management LLC
Skba Capital Management LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the third quarter, Holdings Channel reports. The fund acquired 108,850 shares of the company’s stock, valued at approximately $15,900,000. Cummins accounts for approximately 2.1% of Skba Capital Management LLC’s portfolio, making the stock its 20th largest holding.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Xact Kapitalforvaltning AB grew its position in Cummins by 6.6% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 17,272 shares of the company’s stock worth $2,297,000 after purchasing an additional 1,075 shares during the period. Cornerstone Advisors Inc. grew its position in Cummins by 28.0% during the 2nd quarter. Cornerstone Advisors Inc. now owns 2,556 shares of the company’s stock worth $340,000 after purchasing an additional 559 shares during the period. GWM Advisors LLC acquired a new stake in Cummins during the 2nd quarter worth about $563,000. James Investment Research Inc. acquired a new stake in Cummins during the 2nd quarter worth about $1,798,000. Finally, Cornerstone Wealth Management LLC acquired a new stake in shares of Cummins during the 2nd quarter valued at about $1,179,000. 82.51% of the stock is currently owned by hedge funds and other institutional investors.
CMI stock opened at $144.49 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 1.54. Cummins Inc. has a 12-month low of $124.72 and a 12-month high of $194.18. The stock has a market capitalization of $23.40 billion, a P/E ratio of 13.61, a PEG ratio of 0.79 and a beta of 1.16.
Cummins announced that its board has initiated a stock buyback program on Tuesday, October 9th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits 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 management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 15th will be issued a $1.14 dividend. This represents a $4.56 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend is Wednesday, November 14th. Cummins’s payout ratio is 42.94%.
In related news, CFO Pat Ward sold 4,503 shares of Cummins stock in a transaction dated Wednesday, October 3rd. The stock was sold at an average price of $148.93, for a total value of $670,631.79. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Marya M. Rose sold 14,579 shares of Cummins stock in a transaction dated Monday, October 8th. The stock was sold at an average price of $151.07, for a total value of $2,202,449.53. Following the completion of the sale, the chief accounting officer now owns 24,424 shares in the company, valued at $3,689,733.68. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,090 shares of company stock worth $4,062,754. 0.67% of the stock is currently owned by insiders.
A number of equities research analysts have recently commented on CMI shares. Stifel Nicolaus restated a “buy” rating and set a $172.00 target price on shares of Cummins in a research report on Monday, October 1st. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $166.00 target price on the stock in a research report on Wednesday, September 26th. Loop Capital started coverage on Cummins in a research report on Wednesday, October 17th. They set a “buy” rating and a $170.00 target price on the stock. Finally, Oppenheimer restated a “buy” rating and set a $164.00 target price on shares of Cummins in a research report on Tuesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $163.70.
ILLEGAL ACTIVITY NOTICE: “108,850 Shares in Cummins Inc. (CMI) Purchased by Skba Capital Management LLC” was first posted by Daily Political and is the sole property of of Daily Political. If you are accessing this report on another website, it was stolen and reposted in violation of US & international copyright laws. The legal version of this report can be viewed at https://www.dailypolitical.com/2018/11/21/108850-shares-in-cummins-inc-cmi-purchased-by-skba-capital-management-llc.html.
Cummins Company Profile
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.
Recommended Story: Marijuana Stocks Future Looks Bright
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.