B. Riley Financial Inc. bought a new position in shares of Cummins Inc. (NYSE:CMI) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,715 shares of the company’s stock, valued at approximately $288,000.
Other hedge funds have also recently modified their holdings of the company. State Board of Administration of Florida Retirement System raised its stake in shares of Cummins by 1.6% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 229,821 shares of the company’s stock valued at $38,617,000 after acquiring an additional 3,700 shares during the period. AJO LP raised its stake in shares of Cummins by 11,096.3% in the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after acquiring an additional 1,139,586 shares during the period. Kirr Marbach & Co. LLC IN purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $255,000. AGF Investments America Inc. raised its stake in shares of Cummins by 41.5% in the 2nd quarter. AGF Investments America Inc. now owns 38,653 shares of the company’s stock valued at $6,270,000 after acquiring an additional 11,338 shares during the period. Finally, Boston Partners purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $416,229,000. 82.50% of the stock is currently owned by institutional investors.
Cummins Inc. (CMI) opened at $165.38 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19. The firm has a market cap of $27,358.08, a P/E ratio of 16.74, a P/E/G ratio of 1.32 and a beta of 1.13. Cummins Inc. has a twelve month low of $134.06 and a twelve month high of $181.79.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Friday, November 17th were issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend was Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is currently 43.86%.
A number of equities research analysts have recently issued reports on the stock. Oppenheimer assumed coverage on shares of Cummins in a research note on Thursday. They issued an “outperform” rating and a $192.00 price target on the stock. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $188.00 price target on the stock in a research note on Monday, October 2nd. ValuEngine downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Saturday, November 25th. Stifel Nicolaus reissued a “hold” rating and issued a $190.00 price target (up from $186.00) on shares of Cummins in a research note on Wednesday, November 1st. Finally, Citigroup boosted their price target on shares of Cummins from $175.00 to $183.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $176.41.
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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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