SG Americas Securities LLC decreased its position in Cummins Inc. (NYSE:CMI) by 0.6% during the third quarter, Holdings Channel.com reports. The fund owned 34,624 shares of the company’s stock after selling 194 shares during the quarter. SG Americas Securities LLC’s holdings in Cummins were worth $5,632,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in CMI. Gradient Investments LLC increased its position in shares of Cummins by 102.8% during the second 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 period. Krane Funds Advisors LLC bought a new position in shares of Cummins during the second quarter worth $26,000. Kempen Capital Management N.V. bought a new position in shares of Cummins during the second quarter worth $29,000. Sonora Investment Management LLC bought a new position in shares of Cummins during the second quarter worth $32,000. Finally, Lenox Wealth Advisors LLC bought a new position in Cummins during the second quarter valued at $33,000. Hedge funds and other institutional investors own 81.94% of the company’s stock.
CMI has been the subject of several research reports. Cfra lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Credit Suisse Group increased their price objective on shares of Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Barclays reiterated a “hold” rating and set a $159.00 price objective on shares of Cummins in a research report on Wednesday, October 16th. Citigroup reiterated a “buy” rating and set a $200.00 price objective (up previously from $175.00) on shares of Cummins in a research report on Tuesday, November 5th. Finally, Morgan Stanley increased their price objective on shares of Cummins from $162.00 to $174.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $172.53.
Shares of Cummins stock traded up $3.74 during trading on Friday, hitting $186.27. The stock had a trading volume of 1,241,589 shares, compared to its average volume of 1,271,683. The firm’s fifty day simple moving average is $167.49 and its 200-day simple moving average is $162.97. The stock has a market cap of $27.57 billion, a PE ratio of 14.08, a PEG ratio of 1.84 and a beta of 1.13. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.52 and a quick ratio of 0.95. Cummins Inc. has a 12 month low of $124.40 and a 12 month high of $186.73.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, October 29th. The company reported $3.83 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.84 by ($0.01). The firm had revenue of $5.77 billion during the quarter, compared to the consensus estimate of $5.87 billion. Cummins had a return on equity of 28.52% and a net margin of 10.53%. Cummins’s revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $4.05 EPS. Analysts expect that Cummins Inc. will post 15.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th will be issued a $1.311 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $5.24 annualized dividend and a dividend yield of 2.82%. Cummins’s dividend payout ratio (DPR) is presently 39.61%.
Cummins Company Profile
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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