Vigilant Capital Management LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 25.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 274 shares of the company’s stock after selling 93 shares during the period. Vigilant Capital Management LLC’s holdings in Cummins were worth $58,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. FDx Advisors Inc. acquired a new position in Cummins during the first quarter valued at $27,000. Balentine LLC lifted its position in Cummins by 74.6% during the second quarter. Balentine LLC now owns 199 shares of the company’s stock valued at $34,000 after purchasing an additional 85 shares during the period. Heritage Wealth Advisors lifted its position in Cummins by 123.5% during the second quarter. Heritage Wealth Advisors now owns 514 shares of the company’s stock valued at $39,000 after purchasing an additional 284 shares during the period. Smithfield Trust Co. lifted its position in Cummins by 49.1% during the second quarter. Smithfield Trust Co. now owns 243 shares of the company’s stock valued at $43,000 after purchasing an additional 80 shares during the period. Finally, Hall Laurie J Trustee acquired a new position in Cummins during the third quarter valued at $56,000. Institutional investors own 82.40% of the company’s stock.
A number of research analysts recently issued reports on CMI shares. Royal Bank of Canada boosted their target price on shares of Cummins from $165.00 to $210.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 29th. Wells Fargo & Company lifted their price objective on shares of Cummins from $235.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, September 25th. Cowen lifted their price objective on shares of Cummins from $171.00 to $199.00 and gave the company a “market perform” rating in a report on Friday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $145.00 to $171.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Cummins from $202.00 to $221.00 and gave the company a “hold” rating in a report on Tuesday, October 13th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $204.33.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, July 28th. The company reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.93. Cummins had a net margin of 8.46% and a return on equity of 21.04%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.68 billion. During the same quarter in the previous year, the company earned $4.27 earnings per share. The company’s quarterly revenue was down 38.1% on a year-over-year basis. On average, analysts expect that Cummins Inc. will post 9.37 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.42%. The ex-dividend date is Thursday, November 19th. This is a boost from Cummins’s previous quarterly dividend of $1.31. Cummins’s dividend payout ratio is currently 34.82%.
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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