Alps Advisors Inc. boosted its position in Cummins Inc. (NYSE:CMI) by 23.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,650 shares of the company’s stock after purchasing an additional 499 shares during the period. Alps Advisors Inc.’s holdings in Cummins were worth $445,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Carroll Financial Associates Inc. increased its holdings in Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after purchasing an additional 83 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in Cummins in the 3rd quarter worth about $132,000. Captrust Financial Advisors acquired a new stake in shares of Cummins in the second quarter valued at about $137,000. Acrospire Investment Management LLC acquired a new stake in shares of Cummins in the second quarter valued at about $146,000. Finally, First Interstate Bank increased its stake in shares of Cummins by 2.7% in the second quarter. First Interstate Bank now owns 956 shares of the company’s stock valued at $155,000 after buying an additional 25 shares during the period. 84.48% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on CMI shares. Stifel Nicolaus reissued a “hold” rating and issued a $190.00 price target (up previously from $186.00) on shares of Cummins in a research note on Wednesday, November 1st. Buckingham Research started coverage on Cummins in a research note on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price target for the company. Piper Jaffray Companies reissued a “hold” rating and issued a $159.00 price target on shares of Cummins in a research note on Thursday, August 3rd. Deutsche Bank AG decreased their price target on Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research note on Wednesday, August 2nd. Finally, BMO Capital Markets increased their price target on Cummins from $185.00 to $190.00 and gave the company a “market perform” rating in a research note on Wednesday, November 8th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and an average price target of $173.96.
Cummins Inc. (NYSE CMI) opened at $159.80 on Tuesday. The stock has a market capitalization of $26,630.00, a P/E ratio of 16.18, a price-to-earnings-growth ratio of 1.29 and a beta of 1.16. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19. Cummins Inc. has a fifty-two week low of $134.06 and a fifty-two week high of $181.79.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.24. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The company’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.02 earnings per share. equities analysts expect that Cummins Inc. will post 10.19 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a $1.08 dividend. The ex-dividend date is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 2.70%. Cummins’s payout ratio is currently 43.90%.
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Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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