Strategy Asset Managers LLC Acquires 1,337 Shares of Cummins Inc. $CMI

Strategy Asset Managers LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 1,337 shares of the company’s stock, valued at approximately $691,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CMI. BlackRock Inc. acquired a new position in Cummins in the 2nd quarter worth $8,204,241,000. Bank of America Corp DE bought a new position in Cummins during the 2nd quarter worth about $1,408,353,000. Bank of New York Mellon Corp bought a new position in Cummins during the 2nd quarter worth about $973,198,000. Legal & General Group Plc bought a new position in Cummins during the 2nd quarter worth about $666,635,000. Finally, Amundi raised its stake in shares of Cummins by 19.7% in the 2nd quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after purchasing an additional 147,093 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE CMI opened at $525.39 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The business has a 50-day moving average of $560.36 and a 200-day moving average of $620.42. The stock has a market capitalization of $72.33 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 1.39 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $405.82 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company posted $6.43 EPS. The business’s revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 30.10 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s payout ratio is 44.97%.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on CMI. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Morgan Stanley increased their price objective on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Evercore dropped their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Finally, Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.