Migdal Insurance & Financial Holdings Ltd. grew its position in Cummins Inc. (NYSE:CMI) by 120.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,973 shares of the company’s stock after purchasing an additional 1,077 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.’s holdings in Cummins were worth $288,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the company. Boston Partners grew its position in shares of Cummins by 45.4% in the second quarter. Boston Partners now owns 4,918,989 shares of the company’s stock valued at $654,225,000 after purchasing an additional 1,534,792 shares during the last quarter. LSV Asset Management grew its position in shares of Cummins by 79.7% in the third quarter. LSV Asset Management now owns 3,234,527 shares of the company’s stock valued at $472,467,000 after purchasing an additional 1,434,282 shares during the last quarter. American Century Companies Inc. grew its position in shares of Cummins by 12.1% in the third quarter. American Century Companies Inc. now owns 2,518,910 shares of the company’s stock valued at $367,937,000 after purchasing an additional 271,489 shares during the last quarter. FMR LLC grew its position in shares of Cummins by 11.6% in the second quarter. FMR LLC now owns 2,385,506 shares of the company’s stock valued at $317,272,000 after purchasing an additional 248,721 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Cummins by 33.4% in the third quarter. Wells Fargo & Company MN now owns 2,330,443 shares of the company’s stock valued at $340,407,000 after purchasing an additional 583,376 shares during the last quarter. 82.51% of the stock is currently owned by institutional investors.
Shares of NYSE:CMI opened at $144.81 on Friday. The company has a market cap of $23.28 billion, a P/E ratio of 13.64, a P/E/G ratio of 0.79 and a beta of 1.16. Cummins Inc. has a 1 year low of $124.72 and a 1 year high of $194.18. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 1.54.
Cummins announced that its board has authorized a stock repurchase program on Tuesday, October 9th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 8.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 15th will be given a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date of this dividend is Wednesday, November 14th. Cummins’s dividend payout ratio is currently 42.94%.
In related news, Director Franklin R. Changdiaz sold 595 shares of the stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $147.86, for a total transaction of $87,976.70. Following the sale, the director now owns 6,157 shares of the company’s stock, valued at $910,374.02. 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 company’s 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 sale, the director now owns 30,069 shares of the company’s stock, valued at $4,319,111.16. The disclosure for this sale can be found here. Insiders have sold 27,090 shares of company stock worth $4,062,754 in the last three months. 0.62% of the stock is currently owned by company insiders.
Several research firms have recently commented on CMI. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $165.00 target price on the stock in a research report on Friday, November 16th. ValuEngine raised Cummins from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 8th. UBS Group set a $130.00 target price on Cummins and gave the company a “sell” rating in a research report on Tuesday, November 6th. Mizuho set a $145.00 target price on Cummins and gave the company a “hold” rating in a research report on Wednesday, October 31st. Finally, Morgan Stanley decreased their target price on Cummins from $165.00 to $151.00 and set a “hold” rating on the stock in a research report on Wednesday, October 31st. Two research analysts have rated the stock with a sell rating, fourteen have given 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 target price of $163.70.
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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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