Gofen & Glossberg LLC IL Sells 575 Shares of Cummins Inc. (CMI)
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.
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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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