Achmea Investment Management B.V. cut its holdings in Cummins Inc. (NYSE:CMI) by 13.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,208 shares of the company’s stock after selling 11,292 shares during the quarter. Achmea Investment Management B.V.’s holdings in Cummins were worth $10,251,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in CMI. Acropolis Investment Management LLC lifted its holdings in shares of Cummins by 6.9% during the 3rd quarter. Acropolis Investment Management LLC now owns 5,302 shares of the company’s stock valued at $774,000 after buying an additional 340 shares during the period. Security National Bank of SO Dak lifted its holdings in shares of Cummins by 7.2% during the 2nd quarter. Security National Bank of SO Dak now owns 5,372 shares of the company’s stock valued at $714,000 after buying an additional 360 shares during the period. BRYN MAWR TRUST Co lifted its holdings in shares of Cummins by 4.1% during the 2nd quarter. BRYN MAWR TRUST Co now owns 9,410 shares of the company’s stock valued at $1,252,000 after buying an additional 369 shares during the period. Commerce Bank lifted its holdings in shares of Cummins by 2.4% during the 3rd quarter. Commerce Bank now owns 16,408 shares of the company’s stock valued at $2,397,000 after buying an additional 385 shares during the period. Finally, Essex Financial Services Inc. lifted its holdings in shares of Cummins by 10.0% during the 2nd quarter. Essex Financial Services Inc. now owns 4,332 shares of the company’s stock valued at $576,000 after buying an additional 395 shares during the period. 79.79% of the stock is currently owned by institutional investors and hedge funds.
In other Cummins news, insider Tony Satterthwaite sold 830 shares of the stock in a transaction on Monday, November 5th. The stock was sold at an average price of $141.61, for a total value of $117,536.30. Following the completion of the sale, the insider now owns 40,371 shares in the company, valued at approximately $5,716,937.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Alexis M. Herman sold 775 shares of the stock in a transaction on Monday, November 5th. The stock was sold at an average price of $143.64, for a total value of $111,321.00. Following the completion of the sale, the director now owns 30,069 shares of the company’s stock, valued at approximately $4,319,111.16. The disclosure for this sale can be found here. Insiders sold a total of 26,495 shares of company stock valued at $3,974,777 in the last quarter. 0.62% of the stock is currently owned by company insiders.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.76 by $0.29. Cummins had a return on equity of 29.17% and a net margin of 5.57%. The business had revenue of $5.94 billion during the quarter, compared to analyst estimates of $5.96 billion. During the same quarter in the prior year, the business posted $2.71 EPS. Cummins’s revenue for the quarter was up 12.5% compared to the same quarter last year. Analysts expect that Cummins Inc. will post 15.34 EPS for the current year.
Cummins announced that its Board of Directors has initiated a share buyback program on Tuesday, October 9th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 8.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th will be paid a $1.14 dividend. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $4.56 dividend on an annualized basis and a yield of 3.12%. Cummins’s payout ratio is presently 42.94%.
CMI has been the topic of several research analyst reports. Stifel Nicolaus increased their price target on Cummins from $160.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, August 1st. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $157.00 price objective for the company in a research note on Friday, August 3rd. Loop Capital started coverage on Cummins in a research note on Wednesday, October 17th. They issued a “buy” rating and a $170.00 price objective for the company. Finally, Oppenheimer restated a “buy” rating and issued a $164.00 price objective on shares of Cummins in a research note on Tuesday, October 30th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. Cummins has an average rating of “Hold” and an average price target of $163.30.
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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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