5,961 Cummins Inc. $CMI Shares Purchased by Capital Investment Advisors LLC

Capital Investment Advisors LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 119,011 shares of the company’s stock after purchasing an additional 5,961 shares during the quarter. Capital Investment Advisors LLC’s holdings in Cummins were worth $61,478,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in CMI. BlackRock Inc. bought a new position in Cummins in the 2nd quarter worth about $8,204,241,000. Bank of America Corp DE acquired a new stake in Cummins in the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new position in Cummins in the second quarter worth $973,198,000. Legal & General Group Plc purchased a new position in Cummins in the second quarter worth $666,635,000. Finally, Amundi increased its position in shares of Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after purchasing an additional 147,093 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.30% of the stock is owned by company insiders.

Cummins Price Performance

Shares of CMI stock opened at $517.64 on Friday. Cummins Inc. has a twelve month low of $413.98 and a twelve month high of $737.76. The firm has a fifty day simple moving average of $545.26 and a 200-day simple moving average of $619.42. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $71.26 billion, a PE ratio of 26.45, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the company earned $6.43 EPS. Cummins’s quarterly revenue was up 9.4% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio is presently 44.97%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CMI shares. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a report on Saturday, October 17th. UBS Group lowered their price target on shares of Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Finally, Bank of America reduced their price objective on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $703.18.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.