Fisher Asset Management LLC Reduces Stake in Cummins Inc. (CMI)
Fisher Asset Management LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,611 shares of the company’s stock after selling 72 shares during the period. Fisher Asset Management LLC’s holdings in Cummins were worth $215,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also bought and sold shares of CMI. LSV Asset Management raised its holdings in shares of Cummins by 79.7% in the 3rd quarter. LSV Asset Management now owns 3,234,527 shares of the company’s stock worth $472,467,000 after acquiring an additional 1,434,282 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Cummins by 33.4% in the 3rd quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock worth $340,407,000 after acquiring an additional 583,376 shares during the last quarter. Federated Investors Inc. PA raised its holdings in shares of Cummins by 300.1% in the 3rd quarter. Federated Investors Inc. PA now owns 642,093 shares of the company’s stock worth $93,790,000 after acquiring an additional 481,621 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Cummins in the 3rd quarter worth about $63,360,000. Finally, Bessemer Group Inc. raised its holdings in shares of Cummins by 40,331.8% in the 3rd quarter. Bessemer Group Inc. now owns 426,960 shares of the company’s stock worth $62,366,000 after acquiring an additional 425,904 shares during the last quarter. Institutional investors own 80.45% of the company’s stock.
In other news, CEO Norman Thomas Linebarger sold 24,830 shares of the stock in a transaction that occurred on Monday, December 17th. The shares were sold at an average price of $133.19, for a total transaction of $3,307,107.70. Following the completion of the transaction, the chief executive officer now directly owns 84,418 shares of the company’s stock, valued at approximately $11,243,633.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Franklin R. Changdiaz sold 595 shares of the stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $147.86, for a total transaction of $87,976.70. Following the transaction, the director now directly owns 6,157 shares of the company’s stock, valued at $910,374.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,376 shares of company stock valued at $6,309,989. Company insiders own 0.67% of the company’s stock.
NYSE:CMI opened at $146.71 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.54 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $23.56 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 0.79 and a beta of 1.15. Cummins Inc. has a 52 week low of $124.40 and a 52 week high of $189.00.
Cummins declared that its board has authorized a share buyback plan 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Cummins Company Profile
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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