D.A. Davidson & CO. Buys 2,370 Shares of Cummins Inc. (CMI)
D.A. Davidson & CO. lifted its stake in Cummins Inc. (NYSE:CMI) by 9.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,789 shares of the company’s stock after purchasing an additional 2,370 shares during the period. D.A. Davidson & CO.’s holdings in Cummins were worth $4,837,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System boosted its holdings in Cummins by 1.6% in the third quarter. State Board of Administration of Florida Retirement System now owns 229,821 shares of the company’s stock valued at $38,617,000 after purchasing an additional 3,700 shares during the period. AJO LP raised its stake in Cummins by 11,096.3% in the second quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after buying an additional 1,139,586 shares in the last quarter. Kirr Marbach & Co. LLC IN acquired a new stake in Cummins in the third quarter valued at $255,000. AGF Investments America Inc. raised its stake in Cummins by 41.5% in the second quarter. AGF Investments America Inc. now owns 38,653 shares of the company’s stock valued at $6,270,000 after buying an additional 11,338 shares in the last quarter. Finally, Delta Lloyd Asset Management N.V. acquired a new stake in Cummins in the second quarter valued at $3,466,000. Hedge funds and other institutional investors own 84.48% of the company’s stock.
A number of research firms have weighed in on CMI. Piper Jaffray Companies set a $170.00 price target on Cummins and gave the company a “hold” rating in a research note on Tuesday, October 31st. Stifel Nicolaus restated a “hold” rating and issued a $190.00 price target (up from $186.00) on shares of Cummins in a research note on Wednesday, November 1st. Buckingham Research raised their price target on Cummins from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. Robert W. Baird restated a “sell” rating and issued a $155.00 price target on shares of Cummins in a research note on Wednesday, November 1st. Finally, Jefferies Group LLC lifted their target price on Cummins from $165.00 to $180.00 and gave the stock a “hold” rating in a research report on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $173.96.
Cummins Inc. (NYSE:CMI) traded up $2.75 during midday trading on Thursday, hitting $163.39. The company had a trading volume of 1,803,100 shares, compared to its average volume of 1,307,839. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57. Cummins Inc. has a 52-week low of $134.06 and a 52-week high of $181.79. The stock has a market capitalization of $26,661.02, a price-to-earnings ratio of 16.31, a P/E/G ratio of 1.30 and a beta of 1.16.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.47 by $0.24. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $4.79 billion. During the same quarter in the previous year, the company earned $2.02 EPS. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. equities analysts forecast that Cummins Inc. will post 10.19 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio is presently 43.86%.
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Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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