Cummins Inc. (NYSE:CMI) Shares Bought by LPL Financial LLC

LPL Financial LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 317,000 shares of the company’s stock after purchasing an additional 18,294 shares during the quarter. LPL Financial LLC’s holdings in Cummins were worth $102,641,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. Pathway Financial Advisers LLC increased its holdings in Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP raised its holdings in Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after acquiring an additional 26,977 shares in the last quarter. Legal & General Group Plc lifted its stake in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after acquiring an additional 31,190 shares during the last quarter. Marshfield Associates grew its holdings in Cummins by 0.3% during the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after acquiring an additional 3,076 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 in the last three months. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CMI. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. The Goldman Sachs Group increased their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Citigroup boosted their price objective on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cummins has an average rating of “Hold” and an average price target of $337.67.

Cummins Price Performance

Shares of NYSE:CMI opened at $372.62 on Friday. Cummins Inc. has a one year low of $222.04 and a one year high of $373.35. The stock has a market capitalization of $51.12 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 1.79 and a beta of 0.97. The company has a 50-day simple moving average of $335.78 and a 200-day simple moving average of $304.53. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the business earned $4.73 EPS. The firm’s revenue was up .3% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

About Cummins

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.