Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its stake in Cummins Inc. (NYSE:CMI) by 24.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 12,329 shares of the company’s stock after selling 3,885 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Cummins were worth $1,801,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. National Asset Management Inc. grew its position in shares of Cummins by 41.5% during the 3rd quarter. National Asset Management Inc. now owns 2,440 shares of the company’s stock worth $357,000 after purchasing an additional 716 shares in the last quarter. Valley National Advisers Inc. grew its position in shares of Cummins by 1,130.3% during the 3rd quarter. Valley National Advisers Inc. now owns 5,598 shares of the company’s stock worth $818,000 after purchasing an additional 5,143 shares in the last quarter. Piedmont Investment Advisors Inc. grew its position in shares of Cummins by 6.3% during the 3rd quarter. Piedmont Investment Advisors Inc. now owns 59,864 shares of the company’s stock worth $8,744,000 after purchasing an additional 3,572 shares in the last quarter. Violich Capital Management Inc. grew its position in shares of Cummins by 11.5% during the 3rd quarter. Violich Capital Management Inc. now owns 14,250 shares of the company’s stock worth $2,081,000 after purchasing an additional 1,475 shares in the last quarter. Finally, Norinchukin Bank The grew its position in shares of Cummins by 14.2% during the 3rd quarter. Norinchukin Bank The now owns 20,047 shares of the company’s stock worth $2,928,000 after purchasing an additional 2,493 shares in the last quarter. 82.51% of the stock is currently owned by hedge funds and other institutional investors.
In other Cummins news, VP Mark Andrew Smith sold 501 shares of the firm’s stock in a transaction that occurred on Tuesday, October 9th. The shares were sold at an average price of $153.27, for a total value of $76,788.27. Following the sale, the vice president now owns 4,463 shares in the company, valued at $684,044.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jill E. Cook sold 5,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 3rd. The shares were sold at an average price of $150.00, for a total transaction of $796,050.00. Following the completion of the sale, the insider now owns 14,985 shares in the company, valued at approximately $2,247,750. The disclosure for this sale can be found here. Insiders sold 27,090 shares of company stock worth $4,062,754 in the last 90 days. Company insiders own 0.62% of the company’s stock.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share for the quarter, beating analysts’ consensus estimates of $3.76 by $0.29. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The firm had revenue of $5.94 billion for the quarter, compared to analyst estimates of $5.96 billion. During the same quarter last year, the business posted $2.71 earnings per share. The company’s quarterly revenue was up 12.5% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 15.34 EPS for the current year.
Cummins announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 9th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy up to 8.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th will be given 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 3.15%. Cummins’s dividend payout ratio is currently 42.94%.
A number of research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, August 27th. ValuEngine upgraded shares of Cummins from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 8th. Stifel Nicolaus set a $156.00 target price on shares of Cummins and gave the stock a “buy” rating in a research report on Monday, September 10th. Bank of America increased their price target on shares of Cummins from $154.00 to $157.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 1st. Finally, Mizuho set a $145.00 price target on shares of Cummins and gave the stock a “hold” rating in a research report on Wednesday, October 31st. Two equities 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. The company currently has a consensus rating of “Hold” and a consensus target price of $163.70.
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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