Cummins Inc. $CMI Shares Bought by Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. grew its stake in Cummins Inc. (NYSE:CMI) by 22.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 82,140 shares of the company’s stock after purchasing an additional 15,237 shares during the quarter. Eurizon Capital SGR S.p.A.’s holdings in Cummins were worth $42,454,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of CMI. Werba Rubin Papier Wealth Management increased its holdings in shares of Cummins by 7.8% in the 3rd quarter. Werba Rubin Papier Wealth Management now owns 716 shares of the company’s stock worth $370,000 after acquiring an additional 52 shares during the period. R Squared Ltd raised its stake in Cummins by 158.8% during the 3rd quarter. R Squared Ltd now owns 3,499 shares of the company’s stock valued at $1,807,000 after acquiring an additional 2,147 shares in the last quarter. King Luther Capital Management Corp raised its stake in Cummins by 1.3% during the 3rd quarter. King Luther Capital Management Corp now owns 13,624 shares of the company’s stock valued at $7,038,000 after acquiring an additional 177 shares in the last quarter. Maryland State Retirement & Pension System boosted its position in Cummins by 15.4% during the 3rd quarter. Maryland State Retirement & Pension System now owns 8,571 shares of the company’s stock worth $4,428,000 after acquiring an additional 1,146 shares during the period. Finally, Ritholtz Wealth Management grew its stake in shares of Cummins by 2.1% in the third quarter. Ritholtz Wealth Management now owns 7,562 shares of the company’s stock worth $3,906,000 after purchasing an additional 154 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. DA Davidson raised their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Freedom Broker reduced their price objective on shares of Cummins from $800.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Tuesday. UBS Group dropped their target price on Cummins from $741.00 to $675.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Barclays decreased their price target on Cummins from $675.00 to $600.00 and set an “overweight” rating for the company in a research note on Monday, November 9th. Thirteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $659.44.

Cummins Stock Performance

CMI opened at $451.68 on Friday. The firm has a market cap of $61.92 billion, a PE ratio of 18.85, a P/E/G ratio of 1.21 and a beta of 1.26. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $516.73 and a 200-day simple moving average of $596.65. Cummins Inc. has a fifty-two week low of $443.62 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.20 by $0.05. Cummins had a return on equity of 26.82% and a net margin of 9.26%. The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $9.89 billion. During the same period in the previous year, the firm earned $5.59 earnings per share. Cummins’s revenue for the quarter was up 13.5% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 29.83 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is presently 36.73%.

Cummins Company Profile

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.