D.A. Davidson & CO. boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 44.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 328,674 shares of the company's stock after acquiring an additional 100,591 shares during the period. Cummins makes up approximately 0.8% of D.A. Davidson & CO.'s investment portfolio, making the stock its 26th largest holding. D.A. Davidson & CO. owned 0.24% of Cummins worth $107,641,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Raymond James Financial Inc. lifted its holdings in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after purchasing an additional 817,384 shares in the last quarter. AQR Capital Management LLC increased its stake in Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock worth $314,942,000 after purchasing an additional 424,294 shares in the last quarter. Nuveen LLC acquired a new stake in Cummins during the 1st quarter worth approximately $109,120,000. Vanguard Group Inc. lifted its stake in Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after buying an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Cummins by 74.2% in the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company's stock valued at $234,907,000 after buying an additional 319,277 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
CMI has been the subject of several research reports. Zacks Research raised shares of Cummins from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 8th. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a report on Monday, August 11th. Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Finally, Robert W. Baird upped their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $410.50.
View Our Latest Research Report on Cummins
Cummins Stock Up 1.0%
Shares of CMI stock opened at $418.33 on Wednesday. The firm's fifty day moving average price is $412.01 and its two-hundred day moving average price is $354.77. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The firm has a market capitalization of $57.64 billion, a P/E ratio of 19.67, a PEG ratio of 2.00 and a beta of 1.04.
Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company's quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $5.26 EPS. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.
Cummins Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins's payout ratio is 37.61%.
Insider Activity at Cummins
In other news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares of the company's stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,119 shares of company stock worth $17,674,285. Insiders own 0.41% of the company's stock.
About Cummins
(
Free Report)
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.
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