Cummins Inc. $CMI Shares Purchased by Fisher Asset Management LLC

Key Points

• Fisher Asset Management increased its Cummins stake by 4.8% in the third quarter, adding 173,274 shares to hold 3.77 million shares worth about $1.95 billion. Other institutional investors also boosted holdings; institutions own 83.46% of the company.
• Cummins beat quarterly EPS expectations, reporting $8.25 per share versus $8.20 expected, while revenue of $9.44 billion fell short of forecasts. Revenue rose 13.5% year over year, and the company declared a quarterly dividend of $2.20 per share.
• Shares recently opened at $455.48, near their 12-month low, as analysts cut several price targets; the consensus rating remains Moderate Buy, with a $659.44 target price.

Fisher Asset Management LLC grew its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 4.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,768,635 shares of the company's stock after purchasing an additional 173,274 shares during the period. Fisher Asset Management LLC owned approximately 2.74% of Cummins worth $1,946,764,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Wellington Management Group LLP raised its position in Cummins by 243.5% during the second quarter. Wellington Management Group LLP now owns 495,047 shares of the company's stock valued at $353,072,000 after acquiring an additional 350,910 shares in the last quarter. Fulcrum Wealth Advisors LLC raised its holdings in shares of Cummins by 611.8% during the 3rd quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company's stock valued at $8,401,000 after purchasing an additional 13,979 shares in the last quarter. CWS Financial Advisors LLC lifted its stake in shares of Cummins by 973.2% in the 3rd quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company's stock valued at $2,445,000 after purchasing an additional 4,292 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Cummins by 45.2% in the third quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company's stock worth $6,981,000 after purchasing an additional 4,538 shares in the last quarter. Finally, Legacy Private Trust Co. boosted its holdings in Cummins by 1,264.1% in the third quarter. Legacy Private Trust Co. now owns 12,222 shares of the company's stock worth $6,314,000 after purchasing an additional 11,326 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

CMI opened at $455.48 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.74 and a debt-to-equity ratio of 0.46. The stock's 50 day moving average price is $518.60 and its two-hundred day moving average price is $597.27. The firm has a market capitalization of $62.44 billion, a P/E ratio of 17.41, a price-to-earnings-growth ratio of 1.23 and a beta of 1.26. Cummins Inc. has a 12-month low of $443.62 and a 12-month high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The company reported $8.25 earnings per share for the quarter, beating the consensus estimate of $8.20 by $0.05. The company had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.89 billion. Cummins had a return on equity of 26.82% and a net margin of 9.26%. Cummins's revenue for the quarter was up 13.5% compared to the same quarter last year. During the same period in the prior year, the business earned $5.59 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 29.83 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders 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 dividend yield of 1.9%. Cummins's payout ratio is presently 36.73%.

Analysts Set New Price Targets

A number of brokerages have weighed in on CMI. Wall Street Zen raised Cummins from a "hold" rating to a "buy" rating in a research report on Tuesday. Wells Fargo & Company cut their price objective on Cummins from $608.00 to $520.00 and set an "overweight" rating on the stock in a research note on Friday, November 6th. Citigroup decreased their target price on Cummins from $630.00 to $525.00 and set a "buy" rating for the company in a research report on Friday, November 6th. Freedom Broker lowered their price target on Cummins from $800.00 to $720.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, Barclays reduced their price objective on shares of Cummins from $675.00 to $600.00 and set an "overweight" rating for the company in a research note on Monday. Thirteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $659.44.

Insider Activity

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

About Cummins

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company's offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.

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