Lingohr & Partner Asset Management GmbH lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 12.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,995 shares of the company’s stock after selling 1,296 shares during the period. Lingohr & Partner Asset Management GmbH’s holdings in Cummins were worth $1,314,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. ProVise Management Group LLC purchased a new stake in Cummins during the second quarter worth about $233,000. Bridgewater Associates LP purchased a new stake in shares of Cummins in the second quarter valued at about $31,290,000. Strs Ohio lifted its holdings in shares of Cummins by 9.2% in the second quarter. Strs Ohio now owns 8,744 shares of the company’s stock valued at $1,162,000 after purchasing an additional 737 shares in the last quarter. Edgestream Partners L.P. lifted its holdings in shares of Cummins by 58.0% in the second quarter. Edgestream Partners L.P. now owns 6,614 shares of the company’s stock valued at $880,000 after purchasing an additional 2,428 shares in the last quarter. Finally, Marietta Wealth Management LLC lifted its holdings in shares of Cummins by 22.9% in the second quarter. Marietta Wealth Management LLC now owns 13,709 shares of the company’s stock valued at $1,823,000 after purchasing an additional 2,557 shares in the last quarter. 79.26% of the stock is currently owned by hedge funds and other institutional investors.
Shares of CMI traded down $3.94 on Thursday, hitting $142.25. 22,872 shares of the stock traded hands, compared to its average volume of 1,509,328. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.61. The company has a market capitalization of $24.07 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 0.84 and a beta of 1.12. Cummins Inc. has a 1 year low of $129.90 and a 1 year high of $194.18.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 15th will be paid a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Wednesday, November 14th. Cummins’s payout ratio is 42.94%.
Cummins declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 8.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
Several analysts have issued reports on CMI shares. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $148.00 price target on the stock in a report on Tuesday, July 3rd. Stifel Nicolaus raised shares of Cummins from a “hold” rating to a “buy” rating and reduced their price target for the company from $174.00 to $160.00 in a report on Tuesday, July 10th. Loop Capital started coverage on shares of Cummins in a report on Wednesday. They issued a “buy” rating and a $170.00 price target on the stock. Finally, Wells Fargo & Co set a $158.00 price target on shares of Cummins and gave the company a “hold” rating in a report on Wednesday, August 1st. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the company. Cummins presently has an average rating of “Hold” and an average price target of $167.59.
In related news, CAO Marya M. Rose sold 14,579 shares of the company’s stock in a transaction that occurred on Monday, October 8th. The shares were sold at an average price of $151.07, for a total transaction of $2,202,449.53. Following the transaction, the chief accounting officer now owns 24,424 shares of the company’s stock, valued at $3,689,733.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexis M. Herman sold 735 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total transaction of $102,826.50. The disclosure for this sale can be found here. Insiders have sold 26,087 shares of company stock worth $3,914,211 in the last three months. Insiders own 0.67% of the company’s stock.
Cummins Company Profile
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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