Kornitzer Capital Management Inc. KS lowered its position in shares of Cummins Inc. (NYSE:CMI) by 0.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,405 shares of the company’s stock after selling 200 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Cummins were worth $3,645,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Gradient Investments LLC boosted its holdings in shares of Cummins by 102.8% in the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after buying an additional 74 shares during the last quarter. Krane Funds Advisors LLC acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $26,000. Kempen Capital Management N.V. acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $29,000. Sonora Investment Management LLC acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $32,000. Finally, Lenox Wealth Advisors LLC acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $33,000. 81.94% of the stock is owned by hedge funds and other institutional investors.
CMI traded up $3.74 during trading hours on Friday, reaching $186.27. The company’s stock had a trading volume of 1,241,589 shares, compared to its average volume of 1,271,683. Cummins Inc. has a 52 week low of $124.40 and a 52 week high of $186.73. The company’s 50-day moving average is $167.49 and its 200-day moving average is $162.97. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.95 and a current ratio of 1.52. The firm has a market cap of $27.57 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 1.84 and a beta of 1.13.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $3.83 earnings per share for the quarter, missing analysts’ consensus estimates of $3.84 by ($0.01). Cummins had a net margin of 10.53% and a return on equity of 28.52%. The business had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.87 billion. During the same quarter last year, the company posted $4.05 EPS. The firm’s revenue was down 2.9% on a year-over-year basis. Equities analysts anticipate that Cummins Inc. will post 15.03 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be paid a $1.311 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend is Wednesday, November 13th. Cummins’s dividend payout ratio (DPR) is presently 39.61%.
Several research firms have recently commented on CMI. Cfra downgraded Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, October 30th. Barclays reissued a “hold” rating and issued a $159.00 price objective on shares of Cummins in a report on Wednesday, October 16th. Wells Fargo & Co increased their price objective on Cummins from $165.00 to $180.00 and gave the company a “market perform” rating in a report on Wednesday, October 30th. Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, Morgan Stanley increased their price objective on Cummins from $162.00 to $174.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and a consensus price target of $172.53.
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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