Cummins Inc. (CMI) Shares Bought by GAM Holding AG
GAM Holding AG grew its stake in shares of Cummins Inc. (NYSE:CMI) by 273.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,705 shares of the company’s stock after acquiring an additional 6,373 shares during the quarter. GAM Holding AG’s holdings in Cummins were worth $1,272,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. Royce & Associates LP increased its position in Cummins by 11.9% during the 3rd quarter. Royce & Associates LP now owns 33,000 shares of the company’s stock worth $4,820,000 after purchasing an additional 3,500 shares in the last quarter. Texas Yale Capital Corp. increased its position in Cummins by 43.7% during the 3rd quarter. Texas Yale Capital Corp. now owns 2,896 shares of the company’s stock worth $423,000 after purchasing an additional 880 shares in the last quarter. Ancora Advisors LLC acquired a new stake in Cummins during the 3rd quarter worth approximately $186,000. Mirae Asset Global Investments Co. Ltd. increased its position in Cummins by 196.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,604 shares of the company’s stock worth $1,403,000 after purchasing an additional 6,362 shares in the last quarter. Finally, Eaton Vance Management increased its position in Cummins by 13.4% during the 3rd quarter. Eaton Vance Management now owns 3,883 shares of the company’s stock worth $567,000 after purchasing an additional 459 shares in the last quarter. 80.72% of the stock is owned by institutional investors.
CMI has been the subject of a number of research analyst reports. Stifel Nicolaus reissued 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 raised shares of Cummins from a “hold” rating to a “buy” rating and set a $166.00 target price for the company in a research report on Wednesday, September 26th. Loop Capital initiated coverage on shares of Cummins in a research report on Wednesday, October 17th. They set a “buy” rating and a $170.00 target price for the company. Finally, Oppenheimer reissued 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, thirteen have given a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $163.16.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.76 by $0.29. The firm had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.96 billion. Cummins had a return on equity of 29.17% and a net margin of 5.57%. Cummins’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.71 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 15.34 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th were issued a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend was Wednesday, November 14th. Cummins’s dividend payout ratio is presently 42.94%.
Cummins declared that its board has approved a stock buyback plan on Tuesday, October 9th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 8.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
In other Cummins news, VP Mark Andrew Smith sold 501 shares of the company’s stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total value of $76,788.27. Following the completion of the transaction, the vice president now owns 4,463 shares in the company, valued at approximately $684,044.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Marya M. Rose sold 10,970 shares of the company’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $155.00, for a total value of $1,700,350.00. Following the completion of the transaction, the chief accounting officer now owns 26,035 shares of the company’s stock, valued at approximately $4,035,425. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,541 shares of company stock valued at $6,302,659. 0.62% of the stock is owned by company insiders.
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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.
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