Cummins Inc. $CMI Stock: Conning Inc. Grows Position

Conning Inc. lifted its stake in Cummins Inc. (NYSE:CMI) by 31.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,538 shares of the company’s stock after buying an additional 17,005 shares during the period. Conning Inc.’s holdings in Cummins were worth $36,954,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Valmark Advisers Inc. grew its position in Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after acquiring an additional 16 shares during the last quarter. Guardian Partners Inc. increased its stake in Cummins by 1.0% in the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after purchasing an additional 16 shares during the period. Legacy Financial Advisors Inc. increased its stake in Cummins by 2.0% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock worth $681,000 after purchasing an additional 19 shares during the period. Sage Private Wealth Group LLC increased its stake in Cummins by 3.0% in the 3rd quarter. Sage Private Wealth Group LLC now owns 660 shares of the company’s stock worth $341,000 after purchasing an additional 19 shares during the period. Finally, Key Financial Inc lifted its position in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the business’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 transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Barclays dropped their price objective on Cummins from $760.00 to $675.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Morgan Stanley lifted their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Wells Fargo & Company lowered their price target on shares of Cummins from $760.00 to $608.00 and set an “overweight” rating for the company in a report on Monday. Finally, JPMorgan Chase & Co. dropped their price target on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $694.24.

Cummins Stock Down 0.2%

NYSE CMI opened at $529.59 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 stock has a market capitalization of $72.90 billion, a PE ratio of 27.06, a PEG ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 1 year low of $418.77 and a 1 year high of $737.76. The business’s 50-day moving average is $540.40 and its 200 day moving average is $602.50.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.43 EPS. Sell-side analysts forecast that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.