Ellsworth Advisors LLC Purchases 9,466 Shares of Cummins Inc. $CMI

Key Points

• Ellsworth Advisors significantly increased its Cummins stake by purchasing 9,466 shares in the third quarter, bringing its holdings to 9,931 shares valued at approximately $5.13 million. Institutional investors and hedge funds collectively own 83.46% of CMI.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but adjusted earnings of $6.73 per share missed analysts’ $7.21 estimate. The stock opened at $532.04, while analysts maintain a “Moderate Buy” consensus and an average price target of $708.18.
• The company declared a quarterly dividend of $2.20 per share, equivalent to $8.80 annually and a 1.7% yield. A Cummins vice president also sold 698 shares, while insiders own 0.30% of the stock.

Ellsworth Advisors LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2,035.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,931 shares of the company's stock after purchasing an additional 9,466 shares during the quarter. Ellsworth Advisors LLC's holdings in Cummins were worth $5,130,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Valmark Advisers Inc. boosted its stake in shares of Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock valued at $472,000 after buying an additional 16 shares during the last quarter. Guardian Partners Inc. grew its position in shares of Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock worth $852,000 after buying an additional 16 shares in the last quarter. Uhlmann Price Securities LLC increased its stake in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock worth $386,000 after buying an additional 17 shares during the last quarter. Legacy Financial Advisors Inc. increased its stake in shares of Cummins by 2.0% in the second quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company's stock worth $681,000 after buying an additional 19 shares during the last quarter. Finally, Mengis Capital Management Inc. increased its stake in shares of Cummins by 0.3% in the fourth quarter. Mengis Capital Management Inc. now owns 6,463 shares of the company's stock worth $3,299,000 after buying an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 1.2%

Cummins stock opened at $532.04 on Friday. Cummins Inc. has a one year low of $405.82 and a one year high of $737.76. 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 firm has a market capitalization of $73.24 billion, a P/E ratio of 27.19, a P/E/G ratio of 1.38 and a beta of 1.24. The company has a 50-day simple moving average of $558.13 and a 200-day simple moving average of $620.48.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly 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). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $6.43 EPS. As a group, equities analysts expect that Cummins Inc. will post 30.10 earnings per share for the current year.

Cummins Announces Dividend

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 issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins's dividend payout ratio is 44.97%.

Insider Transactions at Cummins

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 value of $399,409.56. Following the sale, 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 this hyperlink. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CMI. Citigroup cut their price target on shares of Cummins from $790.00 to $630.00 and set a "buy" rating on the stock in a report on Monday. UBS Group decreased their price target 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. CICC Research started coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an "outperform" rating and a $781.00 price target for the company. DA Davidson increased their price objective 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. Finally, Evercore cut their target price on shares of Cummins from $845.00 to $782.00 and set an "outperform" rating on the stock in a report on Tuesday, August 11th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Cummins has an average rating of "Moderate Buy" and a consensus price target of $708.18.

Cummins Profile

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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