South Street Advisors LLC Takes $9.88 Million Position in Cummins Inc. (CMI)
South Street Advisors LLC bought a new position in Cummins Inc. (NYSE:CMI) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 58,785 shares of the company’s stock, valued at approximately $9,877,000. Cummins accounts for 1.9% of South Street Advisors LLC’s investment portfolio, making the stock its 16th largest holding.
A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. Northwest Investment Counselors LLC acquired a new stake in shares of Cummins during the third quarter worth $132,000. Captrust Financial Advisors bought a new position in Cummins in the second quarter valued at $137,000. Acrospire Investment Management LLC bought a new position in Cummins in the second quarter valued at $146,000. First Interstate Bank grew its position in Cummins by 2.7% in the second quarter. First Interstate Bank now owns 956 shares of the company’s stock valued at $155,000 after purchasing an additional 25 shares in the last quarter. Finally, Bank of Nova Scotia Trust Co. bought a new position in Cummins in the third quarter valued at $168,000. Institutional investors own 82.50% of the company’s stock.
Cummins Inc. (CMI) traded down $0.11 during midday trading on Tuesday, hitting $170.77. 1,209,500 shares of the stock were exchanged, compared to its average volume of 1,313,465. The company has a current ratio of 1.57, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19. The firm has a market cap of $28,360.53, a PE ratio of 17.35, a PEG ratio of 1.41 and a beta of 1.13. Cummins Inc. has a one year low of $134.06 and a one year high of $181.79.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.24. The company had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $4.79 billion. Cummins had a net margin of 8.49% and a return on equity of 21.28%. Cummins’s quarterly revenue was up 26.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.02 EPS. equities analysts anticipate that Cummins Inc. will post 10.19 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 17th were paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend was Thursday, November 16th. Cummins’s dividend payout ratio is presently 43.86%.
A number of research analysts recently weighed in on CMI shares. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. BMO Capital Markets raised their target price on shares of Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a research report on Wednesday, November 8th. Buckingham Research started coverage on shares of Cummins in a research report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 target price for the company. Piper Jaffray Companies set a $170.00 target price on shares of Cummins and gave the company a “hold” rating in a research report on Tuesday, October 31st. Finally, Longbow Research downgraded shares of Cummins from a “buy” rating to a “neutral” rating in a research report on Thursday, October 12th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $176.69.
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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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