ProShare Advisors LLC Raises Position in Cummins Inc. $CMI

ProShare Advisors LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 13.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,795 shares of the company’s stock after purchasing an additional 2,759 shares during the period. ProShare Advisors LLC’s holdings in Cummins were worth $7,793,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Accredited Wealth Management LLC bought a new stake in Cummins during the first quarter valued at about $31,000. Richardson Financial Services Inc. purchased a new position in shares of Cummins during the 1st quarter valued at about $39,000. Costello Asset Management INC bought a new position in shares of Cummins during the 1st quarter valued at approximately $40,000. Wealth Preservation Advisors LLC purchased a new stake in Cummins in the 1st quarter worth approximately $41,000. Finally, CNB Bank purchased a new stake in Cummins in the 2nd quarter worth approximately $43,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

CMI stock opened at $478.70 on Thursday. The stock has a market cap of $65.96 billion, a PE ratio of 22.51, a P/E/G ratio of 2.05 and a beta of 1.07. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $484.84. The company has a 50-day moving average price of $425.87 and a 200 day moving average price of $373.13. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter last year, the business posted $5.86 EPS. Equities research analysts anticipate that Cummins Inc. will post 22.54 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 4th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 33,557 shares of company stock valued at $14,827,352 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Citigroup lifted their target price on shares of Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Barclays boosted their price objective on Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research report on Tuesday. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Ten investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $435.00.

Cummins Company 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.