Cummins Inc. $CMI Stock Purchased by International Assets Investment Management LLC

Key Points

• International Assets Investment Management LLC increased its Cummins position by 34,193.6% in the third quarter, owning 250,000 shares valued at approximately $129.1 million. Institutional investors collectively hold 83.46% of Cummins stock.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings per share of $6.73 fell short of the $7.21 analyst consensus.
• The company declared a quarterly dividend of $2.20 per share, or $8.80 annually, representing a 1.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $694.24.

International Assets Investment Management LLC grew its position in Cummins Inc. (NYSE:CMI - Free Report) by 34,193.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 250,000 shares of the company's stock after purchasing an additional 249,271 shares during the period. Cummins comprises about 1.0% of International Assets Investment Management LLC's holdings, making the stock its 12th largest position. International Assets Investment Management LLC owned approximately 0.18% of Cummins worth $129,143,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Persistent Asset Partners Ltd acquired a new stake in shares of Cummins during the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC grew its stake in shares of Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock valued at $33,000 after buying an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC increased its holdings in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after buying an additional 45 shares during the last quarter. Cornerstone Financial Management LLC increased its holdings in Cummins by 65.8% in the second quarter. Cornerstone Financial Management LLC now owns 63 shares of the company's stock worth $45,000 after buying an additional 25 shares during the last quarter. Finally, Balance Wealth Partners LLC bought a new position in Cummins during the third quarter valued at approximately $32,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the 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 owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Performance

CMI opened at $500.75 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The company has a market cap of $68.93 billion, a PE ratio of 25.59, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. The stock has a 50-day moving average of $536.75 and a 200-day moving average of $602.02. Cummins Inc. has a 52-week low of $426.79 and a 52-week high of $737.76.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, November 20th. Cummins's dividend payout ratio (DPR) is 44.97%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Citigroup reduced their target price on shares of Cummins from $790.00 to $630.00 and set a "buy" rating for the company in a research note on Monday, October 12th. Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Barclays dropped their price target on shares of 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 upgraded shares of Cummins from a "hold" rating to a "buy" rating in a report on Sunday, October 25th. Finally, Wells Fargo & Company reduced their price objective on shares of Cummins from $760.00 to $608.00 and set an "overweight" rating for the company in a research note on Monday, October 26th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $694.24.

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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