5,961 Cummins Inc. $CMI Shares Purchased by Capital Investment Advisors LLC

Key Points

• Capital Investment Advisors increased its Cummins stake by 5.3% in the third quarter, purchasing 5,961 shares to hold 119,011 shares valued at approximately $61.5 million. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but adjusted earnings of $6.73 per share missed consensus by $0.48. The company declared a quarterly dividend of $2.20 per share, equal to an annualized yield of about 1.7%.
• Analysts have lowered several price targets, though the stock retains a “Moderate Buy” consensus rating and an average target of $703.18; Cummins shares recently traded at $517.64.

Capital Investment Advisors LLC grew its position in Cummins Inc. (NYSE:CMI - Free Report) by 5.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 119,011 shares of the company's stock after purchasing an additional 5,961 shares during the period. Capital Investment Advisors LLC owned about 0.09% of Cummins worth $61,478,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. Wedbush Securities Inc. lifted its holdings in shares of Cummins by 13.6% in the third quarter. Wedbush Securities Inc. now owns 1,733 shares of the company's stock valued at $895,000 after purchasing an additional 207 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in shares of Cummins by 13.1% during the third quarter. Fifth Third Wealth Advisors LLC now owns 20,194 shares of the company's stock worth $10,432,000 after buying an additional 2,333 shares in the last quarter. Kennebec Savings Bank raised its position in Cummins by 87.8% in the 3rd quarter. Kennebec Savings Bank now owns 909 shares of the company's stock valued at $470,000 after buying an additional 425 shares during the last quarter. XXI Wealth LLC increased its position in shares of Cummins by 43.2% in the third quarter. XXI Wealth LLC now owns 461 shares of the company's stock valued at $238,000 after acquiring an additional 139 shares during the last quarter. Finally, Carderock Capital Management Inc. bought a new stake in Cummins during the third quarter worth about $612,000. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

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

Cummins Trading Down 0.4%

NYSE CMI opened at $517.64 on Friday. The company has a market cap of $71.26 billion, a price-to-earnings ratio of 26.45, a P/E/G ratio of 1.37 and a beta of 1.24. 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 52 week low of $413.98 and a 52 week high of $737.76. The business has a 50 day moving average price of $545.26 and a 200-day moving average price of $619.42.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the business earned $6.43 EPS. Cummins's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts expect that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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 $2.20 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins's dividend payout ratio (DPR) is currently 44.97%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CMI shares. Wells Fargo & Company lowered their price objective on shares of Cummins from $874.00 to $760.00 and set an "overweight" rating on the stock in a research note on Thursday, October 8th. JPMorgan Chase & Co. cut their target price on shares of Cummins from $690.00 to $600.00 and set a "neutral" rating for the company in a research note on Wednesday, September 23rd. Barclays dropped their price target on Cummins from $760.00 to $675.00 and set an "overweight" rating on the stock in a research note on Monday, October 19th. Wall Street Zen downgraded Cummins from a "buy" rating to a "hold" rating in a report on Saturday, October 17th. Finally, Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $703.18.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins' product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.

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