Cummins Inc. (NYSE:CMI) Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 3.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 496,625 shares of the company’s stock after acquiring an additional 18,414 shares during the period. HighTower Advisors LLC’s holdings in Cummins were worth $160,874,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in CMI. Pathway Financial Advisers LLC grew its stake in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC boosted its stake in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in shares of Cummins during the 2nd quarter worth about $68,018,000. SG Americas Securities LLC boosted its stake in shares of Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Cummins during the 2nd quarter worth about $46,607,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on CMI. JPMorgan Chase & Co. raised their price target 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. Robert W. Baird raised their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $337.67.

Cummins Trading Up 0.8 %

NYSE CMI opened at $377.87 on Tuesday. 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 Inc. has a one year low of $224.60 and a one year high of $379.66. The company’s 50 day moving average price is $342.77 and its 200 day moving average price is $307.44. The firm has a market capitalization of $51.84 billion, a price-to-earnings ratio of 24.96, a PEG ratio of 1.82 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the company earned $4.73 earnings per share. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. On average, sell-side 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. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by corporate insiders.

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.