Cummins Inc. (NYSE:CMI) Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 3.9% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 496,625 shares of the company’s stock after purchasing an additional 18,414 shares during the period. HighTower Advisors LLC owned approximately 0.36% of Cummins worth $160,874,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in CMI. Mather Group LLC. grew its holdings in shares of Cummins by 3.8% in the second quarter. Mather Group LLC. now owns 3,471 shares of the company’s stock valued at $1,023,000 after purchasing an additional 126 shares in the last quarter. Lynx Investment Advisory acquired a new position in Cummins during the 2nd quarter worth approximately $29,000. Kingswood Wealth Advisors LLC grew its holdings in Cummins by 16.5% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 4,653 shares of the company’s stock worth $1,289,000 after acquiring an additional 660 shares in the last quarter. Park Avenue Securities LLC grew its holdings in Cummins by 6.4% during the 2nd quarter. Park Avenue Securities LLC now owns 4,710 shares of the company’s stock worth $1,304,000 after acquiring an additional 283 shares in the last quarter. Finally, CWM LLC grew its holdings in Cummins by 13.5% during the 2nd quarter. CWM LLC now owns 10,283 shares of the company’s stock worth $2,848,000 after acquiring an additional 1,225 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Up 0.8 %

Shares of Cummins stock opened at $377.87 on Tuesday. The company has a market cap of $51.84 billion, a P/E ratio of 24.96, a PEG ratio of 1.82 and a beta of 0.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a one year low of $224.60 and a one year high of $379.66. The firm has a fifty day moving average of $342.77 and a two-hundred day moving average of $307.44.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.73 EPS. On average, analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.93%. Cummins’s payout ratio is currently 48.08%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have commented on CMI. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. The Goldman Sachs Group boosted their price target on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $337.67.

Cummins Profile

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.