Cummins Inc. $CMI Stock Bought by Eurizon Capital SGR S.p.A.

Eurizon Capital SGR S.p.A. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 22.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 82,140 shares of the company’s stock after buying an additional 15,237 shares during the quarter. Eurizon Capital SGR S.p.A. owned about 0.06% of Cummins worth $42,454,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Werba Rubin Papier Wealth Management raised its position in Cummins by 7.8% in the 3rd quarter. Werba Rubin Papier Wealth Management now owns 716 shares of the company’s stock valued at $370,000 after purchasing an additional 52 shares during the last quarter. R Squared Ltd raised its stake in shares of Cummins by 158.8% during the third quarter. R Squared Ltd now owns 3,499 shares of the company’s stock worth $1,807,000 after purchasing an additional 2,147 shares during the last quarter. King Luther Capital Management Corp raised its stake in shares of Cummins by 1.3% during the third quarter. King Luther Capital Management Corp now owns 13,624 shares of the company’s stock worth $7,038,000 after purchasing an additional 177 shares during the last quarter. Maryland State Retirement & Pension System raised its position in Cummins by 15.4% during the 3rd quarter. Maryland State Retirement & Pension System now owns 8,571 shares of the company’s stock worth $4,428,000 after buying an additional 1,146 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its stake in shares of Cummins by 2.1% in the 3rd quarter. Ritholtz Wealth Management now owns 7,562 shares of the company’s stock worth $3,906,000 after acquiring an additional 154 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Cummins Trading Down 0.8%

NYSE:CMI opened at $451.68 on Friday. Cummins Inc. has a 52-week low of $443.62 and a 52-week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $516.73 and a 200-day simple moving average of $596.65. The company has a market capitalization of $61.92 billion, a PE ratio of 18.85, a price-to-earnings-growth ratio of 1.21 and a beta of 1.26.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, November 5th. The company reported $8.25 earnings per share for the quarter, beating the consensus estimate of $8.20 by $0.05. Cummins had a net margin of 9.26% and a return on equity of 26.82%. The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.89 billion. During the same quarter in the previous year, the company posted $5.59 EPS. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 29.83 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is 36.73%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CMI. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Tuesday. Wells Fargo & Company cut their price target on shares of Cummins from $608.00 to $520.00 and set an “overweight” rating for the company in a report on Friday, November 6th. Freedom Broker reduced their price target on Cummins from $800.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday. Citigroup decreased their price target on Cummins from $630.00 to $525.00 and set a “buy” rating on the stock in a research note on Friday, November 6th. Finally, JPMorgan Chase & Co. cut their price objective on Cummins from $600.00 to $465.00 and set a “neutral” rating for the company in a research report on Friday, November 6th. Thirteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $659.44.

About Cummins

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.