Walleye Capital LLC acquired a new stake in Cummins Inc. (NYSE:CMI – Get Rating) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 1,526 shares of the company’s stock, valued at approximately $295,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. First City Capital Management Inc. lifted its stake in Cummins by 1.7% in the first quarter. First City Capital Management Inc. now owns 2,932 shares of the company’s stock valued at $601,000 after buying an additional 50 shares during the period. Hartford Investment Management Co. boosted its stake in Cummins by 0.4% during the second quarter. Hartford Investment Management Co. now owns 13,537 shares of the company’s stock worth $2,620,000 after acquiring an additional 54 shares in the last quarter. Federated Hermes Inc. grew its holdings in Cummins by 0.6% in the first quarter. Federated Hermes Inc. now owns 9,570 shares of the company’s stock worth $1,963,000 after purchasing an additional 54 shares during the period. Clifford Swan Investment Counsel LLC increased its stake in Cummins by 0.3% in the second quarter. Clifford Swan Investment Counsel LLC now owns 19,465 shares of the company’s stock valued at $3,767,000 after purchasing an additional 56 shares in the last quarter. Finally, Offit Capital Advisors LLC raised its holdings in shares of Cummins by 3.4% during the first quarter. Offit Capital Advisors LLC now owns 1,748 shares of the company’s stock valued at $359,000 after purchasing an additional 57 shares during the period. 80.98% of the stock is owned by institutional investors and hedge funds.
Cummins Stock Down 0.0 %
Cummins stock opened at $248.38 on Friday. Cummins Inc. has a fifty-two week low of $184.27 and a fifty-two week high of $254.09. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.84 and a current ratio of 1.37. The firm’s 50-day simple moving average is $225.39 and its 200 day simple moving average is $213.80. The stock has a market cap of $35.03 billion, a PE ratio of 18.52, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05.
Cummins Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Friday, November 18th will be paid a dividend of $1.57 per share. This represents a $6.28 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date is Thursday, November 17th. Cummins’s payout ratio is 46.83%.
Analyst Upgrades and Downgrades
A number of analysts recently commented on CMI shares. UBS Group boosted their target price on Cummins to $247.00 in a research report on Wednesday. Credit Suisse Group increased their target price on Cummins from $266.00 to $304.00 and gave the stock an “outperform” rating in a report on Friday, November 4th. Citigroup lifted their price target on shares of Cummins to $270.00 in a research report on Tuesday. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 4th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Cummins in a research report on Thursday, August 18th. They set a “neutral” rating for the company. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $244.63.
Insider Buying and Selling
In related news, Vice Chairman Tony Satterthwaite sold 4,866 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $230.18, for a total transaction of $1,120,055.88. Following the completion of the sale, the insider now owns 59,276 shares in the company, valued at $13,644,149.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Chairman Norman Thomas Linebarger sold 54,809 shares of the company’s stock in a transaction on Monday, November 14th. The stock was sold at an average price of $250.21, for a total transaction of $13,713,759.89. Following the transaction, the chairman now owns 137,338 shares of the company’s stock, valued at approximately $34,363,340.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Tony Satterthwaite sold 4,866 shares of Cummins stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $230.18, for a total value of $1,120,055.88. Following the completion of the sale, the insider now directly owns 59,276 shares of the company’s stock, valued at approximately $13,644,149.68. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 110,214 shares of company stock valued at $27,154,095. 1.00% of the stock is owned by insiders.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.
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