Cummins Inc. (CMI) Holdings Trimmed by Credit Suisse AG

Credit Suisse AG decreased its holdings in Cummins Inc. (NYSE:CMI) by 11.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 364,715 shares of the company’s stock after selling 45,645 shares during the period. Credit Suisse AG owned about 0.23% of Cummins worth $53,275,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Edge Wealth Management LLC bought a new position in shares of Cummins during the 3rd quarter worth $102,000. Moloney Securities Asset Management LLC bought a new position in shares of Cummins during the 3rd quarter worth $222,000. ProVise Management Group LLC bought a new position in shares of Cummins during the 2nd quarter worth $233,000. Verity & Verity LLC grew its position in shares of Cummins by 13.6% during the 3rd quarter. Verity & Verity LLC now owns 22,560 shares of the company’s stock worth $3,295,000 after buying an additional 2,706 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its position in shares of Cummins by 8.9% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,811 shares of the company’s stock worth $2,893,000 after buying an additional 1,622 shares in the last quarter. Institutional investors and hedge funds own 82.51% of the company’s stock.

Shares of CMI stock opened at $144.81 on Monday. Cummins Inc. has a 1-year low of $124.72 and a 1-year high of $194.18. The stock has a market cap of $23.25 billion, a P/E ratio of 9.97, a P/E/G ratio of 0.79 and a beta of 1.16. 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 (NYSE:CMI) last issued its quarterly earnings data 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 return on equity of 29.17% and a net margin of 5.57%. The company had revenue of $5.94 billion for the quarter, compared to the consensus estimate of $5.96 billion. During the same quarter last year, the company earned $2.71 earnings per share. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 15.34 earnings per share for the current fiscal year.

Cummins announced that its board has approved a share repurchase plan on Tuesday, October 9th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 8.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed 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 is Wednesday, November 14th. Cummins’s payout ratio is currently 42.94%.

In other Cummins news, insider Jill E. Cook sold 5,307 shares of the stock in a transaction dated Wednesday, October 3rd. The stock was sold at an average price of $150.00, for a total value of $796,050.00. Following the completion of the sale, the insider now directly owns 14,985 shares in the company, valued at $2,247,750. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Mark Andrew Smith sold 501 shares of the stock in a transaction dated Tuesday, October 9th. The shares were sold at an average price of $153.27, for a total value of $76,788.27. Following the completion of the sale, the vice president now owns 4,463 shares of the company’s stock, valued at $684,044.01. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,090 shares of company stock worth $4,062,754. 0.67% of the stock is owned by corporate insiders.

CMI has been the topic of a number of recent research reports. Stifel Nicolaus reissued a “buy” rating and set a $172.00 price target on shares of Cummins in a research report on Monday, October 1st. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $166.00 price target on the stock in a research report on Wednesday, September 26th. Loop Capital initiated coverage on Cummins in a research report on Wednesday, October 17th. They set a “buy” rating and a $170.00 price target on the stock. Finally, Oppenheimer reissued a “buy” rating and set a $164.00 price target on shares of Cummins in a research report on Tuesday, October 30th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $163.70.

TRADEMARK VIOLATION NOTICE: “Cummins Inc. (CMI) Holdings Trimmed by Credit Suisse AG” was reported by WKRB News and is the sole property of of WKRB News. If you are viewing this news story on another website, it was stolen and reposted in violation of US & international copyright and trademark legislation. The legal version of this news story can be accessed at https://www.wkrb13.com/2018/11/26/cummins-inc-cmi-holdings-trimmed-by-credit-suisse-ag.html.

About Cummins

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.

See Also: What is a Stop Order?

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply