Gofen & Glossberg LLC IL cut its position in shares of Cummins Inc. (NYSE:CMI) by 3.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,867 shares of the company’s stock after selling 575 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in Cummins were worth $2,834,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new position in Cummins during the third quarter worth about $132,000. Captrust Financial Advisors bought a new position in Cummins during the second quarter worth about $137,000. Acrospire Investment Management LLC bought a new position in Cummins during the second quarter worth about $146,000. First Interstate Bank lifted its stake in Cummins by 2.7% during the second quarter. First Interstate Bank now owns 956 shares of the company’s stock worth $155,000 after purchasing an additional 25 shares during the period. Finally, Bank of Nova Scotia Trust Co. bought a new position in Cummins during the third quarter worth about $168,000. 82.50% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cummins Inc. (NYSE:CMI) opened at $168.55 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19. The firm has a market cap of $28,144.77, a P/E ratio of 17.22, a P/E/G ratio of 1.40 and a beta of 1.13. Cummins Inc. has a fifty-two week low of $134.06 and a fifty-two week high of $181.79.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.24. The business had revenue of $5.29 billion during the quarter, compared to analyst estimates of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. Cummins’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.02 earnings per share. research analysts expect that Cummins Inc. will post 10.19 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Thursday, November 16th. Cummins’s dividend payout ratio is currently 43.86%.

A number of brokerages have commented on CMI. Oppenheimer began coverage on shares of Cummins in a research note on Thursday, December 7th. They set an “outperform” rating and a $192.00 price target for the company. Barclays began coverage on shares of Cummins in a research note on Tuesday. They set an “equal weight” rating and a $180.00 price target for the company. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $187.00 target price for the company in a research note on Thursday, September 21st. Stifel Nicolaus reiterated a “hold” rating and issued a $190.00 target price (up previously from $186.00) on shares of Cummins in a research note on Wednesday, November 1st. Finally, Robert W. Baird reiterated a “sell” rating and issued a $155.00 target price on shares of Cummins in a research note on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $178.69.

ILLEGAL ACTIVITY NOTICE: This piece of content was first published by Watch List News and is owned by of Watch List News. If you are accessing this piece of content on another publication, it was illegally stolen and reposted in violation of U.S. & international copyright and trademark law. The correct version of this piece of content can be accessed at https://www.watchlistnews.com/gofen-glossberg-llc-il-sells-575-shares-of-cummins-inc-cmi/1765425.html.

About Cummins

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.

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).

Institutional Ownership by Quarter for Cummins (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 Analyst Ratings Network's FREE daily email newsletter.