Cummins Inc. (CMI) Shares Bought by Blair William & Co. IL
Blair William & Co. IL increased its stake in shares of Cummins Inc. (NYSE:CMI) by 19.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,607 shares of the company’s stock after buying an additional 1,584 shares during the period. Blair William & Co. IL’s holdings in Cummins were worth $1,403,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. LSV Asset Management boosted its holdings in Cummins by 79.7% in the 3rd quarter. LSV Asset Management now owns 3,234,527 shares of the company’s stock valued at $472,467,000 after purchasing an additional 1,434,282 shares during the period. American Century Companies Inc. boosted its holdings in Cummins by 12.1% in the 3rd quarter. American Century Companies Inc. now owns 2,518,910 shares of the company’s stock valued at $367,937,000 after purchasing an additional 271,489 shares during the period. FMR LLC boosted its holdings in Cummins by 11.6% in the 2nd quarter. FMR LLC now owns 2,385,506 shares of the company’s stock valued at $317,272,000 after purchasing an additional 248,721 shares during the period. Wells Fargo & Company MN boosted its holdings in Cummins by 33.4% in the 3rd quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock valued at $340,407,000 after purchasing an additional 583,376 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Cummins by 30.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,644,399 shares of the company’s stock valued at $240,197,000 after purchasing an additional 382,426 shares during the period. 80.72% of the stock is owned by institutional investors and hedge funds.
A number of analysts have issued reports on CMI shares. JPMorgan Chase & Co. downgraded shares of Cummins from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $156.00 to $137.00 in a report on Friday, August 24th. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $166.00 price objective for the company in a report on Thursday, November 29th. Bank of America boosted their price objective on shares of Cummins from $157.00 to $160.00 and gave the company a “neutral” rating in a report on Tuesday, October 9th. UBS Group set a $130.00 price objective on shares of Cummins and gave the company a “sell” rating in a report on Tuesday, November 6th. Finally, ValuEngine raised shares of Cummins from a “strong sell” rating to a “sell” rating in a report on Friday, September 21st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the stock. Cummins currently has a consensus rating of “Hold” and a consensus price target of $163.16.
Shares of NYSE:CMI opened at $138.60 on Friday. The company has a market capitalization of $23.50 billion, a PE ratio of 13.05, a PEG ratio of 0.80 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.54 and a debt-to-equity ratio of 0.19. Cummins Inc. has a 12 month low of $124.72 and a 12 month high of $194.18.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, October 30th. The company reported $4.05 EPS for the quarter, beating the consensus estimate of $3.76 by $0.29. The company had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.96 billion. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same period in the previous year, the company earned $2.71 EPS. As a group, research analysts expect that Cummins Inc. will post 15.34 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th were given a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 3.29%. The ex-dividend date was Wednesday, November 14th. Cummins’s payout ratio is presently 42.94%.
Cummins declared that its board has initiated a share buyback program on Tuesday, October 9th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 8.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
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.
Read More: Does the discount rate affect the economy?
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.