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 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.
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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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