Peddock Capital Advisors LLC reduced its position in Cummins Inc. (NYSE:CMI) by 8.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,810 shares of the company’s stock after selling 244 shares during the quarter. Peddock Capital Advisors LLC’s holdings in Cummins were worth $457,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CMI. OLD Second National Bank of Aurora lifted its holdings in shares of Cummins by 1.1% during the second quarter. OLD Second National Bank of Aurora now owns 13,629 shares of the company’s stock valued at $2,335,000 after acquiring an additional 148 shares during the period. Treasurer of the State of North Carolina lifted its holdings in shares of Cummins by 10.5% during the second quarter. Treasurer of the State of North Carolina now owns 78,147 shares of the company’s stock valued at $13,390,000 after acquiring an additional 7,429 shares during the period. Autus Asset Management LLC lifted its holdings in shares of Cummins by 5.6% during the second quarter. Autus Asset Management LLC now owns 2,828 shares of the company’s stock valued at $485,000 after acquiring an additional 150 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Cummins by 15.5% during the second quarter. Victory Capital Management Inc. now owns 134,045 shares of the company’s stock valued at $22,967,000 after acquiring an additional 17,992 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in shares of Cummins during the second quarter valued at $51,000. 82.34% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins stock traded up $0.28 during trading on Wednesday, reaching $166.63. The company’s stock had a trading volume of 546,091 shares, compared to its average volume of 1,246,129. The stock has a 50-day moving average price of $157.77 and a two-hundred day moving average price of $161.49. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.18. Cummins Inc. has a one year low of $124.40 and a one year high of $175.91. The stock has a market capitalization of $25.68 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 1.64 and a beta of 1.14.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be given a $1.311 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $5.24 dividend on an annualized basis and a yield of 3.15%. Cummins’s payout ratio is 39.61%.
A number of research analysts have issued reports on CMI shares. ValuEngine cut Cummins from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Morgan Stanley cut their price objective on Cummins from $167.00 to $162.00 and set an “equal weight” rating for the company in a report on Wednesday, July 31st. Barclays reissued a “hold” rating and set a $159.00 price objective on shares of Cummins in a report on Wednesday. Credit Suisse Group lifted their price target on Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Finally, Loop Capital cut Cummins from a “hold” rating to a “sell” rating and cut their price target for the company from $168.00 to $145.00 in a report on Tuesday, July 2nd. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and a consensus price target of $166.61.
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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