KAMES CAPITAL plc Boosts Stake in Cummins Inc. (NYSE:CMI)

KAMES CAPITAL plc boosted its stake in Cummins Inc. (NYSE:CMI) by 21.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,579 shares of the company’s stock after buying an additional 2,357 shares during the quarter. KAMES CAPITAL plc’s holdings in Cummins were worth $2,210,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Amundi Pioneer Asset Management Inc. increased its position in shares of Cummins by 0.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,520,785 shares of the company’s stock worth $240,086,000 after acquiring an additional 10,845 shares in the last quarter. FMR LLC increased its position in shares of Cummins by 13.6% during the first quarter. FMR LLC now owns 1,342,382 shares of the company’s stock worth $211,921,000 after acquiring an additional 160,319 shares in the last quarter. Private Trust Co. NA bought a new stake in shares of Cummins during the second quarter worth $217,000. Montecito Bank & Trust increased its position in shares of Cummins by 14.2% during the second quarter. Montecito Bank & Trust now owns 3,149 shares of the company’s stock worth $539,000 after acquiring an additional 391 shares in the last quarter. Finally, Rockland Trust Co. increased its position in shares of Cummins by 5.9% during the second quarter. Rockland Trust Co. now owns 7,962 shares of the company’s stock worth $1,364,000 after acquiring an additional 445 shares in the last quarter. 82.25% of the stock is currently owned by institutional investors.

Several brokerages have recently issued reports on CMI. Loop Capital downgraded shares of Cummins from a “hold” rating to a “sell” rating and lowered their price objective for the stock from $168.00 to $145.00 in a research report on Tuesday, July 2nd. Morgan Stanley decreased their target price on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 31st. Credit Suisse Group raised their target price 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. Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Finally, ValuEngine downgraded shares of Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. Cummins has an average rating of “Hold” and a consensus target price of $166.61.

CMI stock traded up $0.66 during mid-day trading on Monday, hitting $170.94. The stock had a trading volume of 492,603 shares, compared to its average volume of 1,203,833. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.18. Cummins Inc. has a 52 week low of $124.40 and a 52 week high of $175.91. The firm has a market capitalization of $26.45 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.69 and a beta of 1.14. The firm has a fifty day simple moving average of $159.21 and a 200 day simple moving average of $161.65.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the consensus estimate of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The firm had revenue of $6.22 billion during the quarter, compared to the consensus estimate of $6.36 billion. During the same period in the prior year, the business earned $4.14 earnings per share. Cummins’s quarterly revenue was up 1.5% compared to the same quarter last year. As a group, equities analysts expect that Cummins Inc. will post 15.81 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Thursday, November 14th will be issued a $1.311 dividend. This represents a $5.24 annualized dividend and a yield of 3.07%. The ex-dividend date is Wednesday, November 13th. Cummins’s dividend payout ratio is currently 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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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