3,802 Cummins Inc. $CMI Shares Bought by NorthCrest Asset Manangement LLC

Key Points

• NorthCrest Asset Management increased its Cummins stake by 197.6% in the third quarter, buying 3,802 shares to hold 5,726 shares valued at approximately $2.96 million. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly EPS of $6.73, below the $7.21 analyst consensus, while revenue of $9.46 billion exceeded estimates and rose 9.4% year over year. The company declared a quarterly dividend of $2.20 per share, equivalent to a 1.7% annual yield.
• The stock opened at $529.57, below its 50-day and 200-day moving averages, while analysts maintain a “Moderate Buy” consensus with an average price target of $708.18.

NorthCrest Asset Manangement LLC increased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 197.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,726 shares of the company's stock after acquiring an additional 3,802 shares during the period. NorthCrest Asset Manangement LLC's holdings in Cummins were worth $2,958,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Wellington Management Group LLP boosted its holdings in shares of Cummins by 243.5% in the 2nd quarter. Wellington Management Group LLP now owns 495,047 shares of the company's stock worth $353,072,000 after purchasing an additional 350,910 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Cummins by 45.2% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company's stock valued at $6,981,000 after purchasing an additional 4,538 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Cummins during the 2nd quarter valued at about $1,408,353,000. Raiffeisen Bank International AG raised its holdings in shares of Cummins by 55.1% during the 2nd quarter. Raiffeisen Bank International AG now owns 46,817 shares of the company's stock valued at $32,355,000 after buying an additional 16,623 shares in the last quarter. Finally, Legacy Private Trust Co. raised its holdings in shares of Cummins by 1,264.1% during the 3rd quarter. Legacy Private Trust Co. now owns 12,222 shares of the company's stock valued at $6,314,000 after buying an additional 11,326 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE CMI opened at $529.57 on Wednesday. The company has a 50-day simple moving average of $562.88 and a two-hundred day simple moving average of $620.45. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $400.72 and a 12-month high of $737.76. The firm has a market cap of $72.90 billion, a price-to-earnings ratio of 27.06, a PEG ratio of 1.39 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business posted $6.43 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 30.10 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins's dividend payout ratio is currently 44.97%.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 698 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Morgan Stanley boosted their target price on Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Weiss Ratings cut shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, August 31st. DA Davidson lifted their price target on shares of Cummins from $605.00 to $750.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. decreased their price target on shares of Cummins from $690.00 to $600.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 23rd. Finally, UBS Group lowered their price objective on shares of Cummins from $835.00 to $741.00 and set a "buy" rating for the company in a report on Wednesday, September 30th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Cummins currently has a consensus rating of "Moderate Buy" and an average target price of $708.18.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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