Coastline Trust Co lowered its stake in Cummins Inc. (NYSE:CMI) by 12.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 3,625 shares of the company’s stock after selling 530 shares during the period. Coastline Trust Co’s holdings in Cummins were worth $765,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. FDx Advisors Inc. purchased a new position in Cummins in the first quarter worth about $27,000. Balentine LLC boosted its position in shares of Cummins by 74.6% during the second quarter. Balentine LLC now owns 199 shares of the company’s stock valued at $34,000 after buying an additional 85 shares during the period. Heritage Wealth Advisors boosted its position in shares of Cummins by 123.5% during the second quarter. Heritage Wealth Advisors now owns 514 shares of the company’s stock valued at $39,000 after buying an additional 284 shares during the period. Smithfield Trust Co. boosted its position in shares of Cummins by 49.1% during the second quarter. Smithfield Trust Co. now owns 243 shares of the company’s stock valued at $43,000 after buying an additional 80 shares during the period. Finally, Hall Laurie J Trustee purchased a new position in shares of Cummins during the third quarter valued at approximately $56,000. Institutional investors own 82.40% of the company’s stock.
Several research analysts have issued reports on the company. Royal Bank of Canada boosted their target price on Cummins from $165.00 to $210.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 29th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the company from $193.00 to $240.00 in a research report on Tuesday, September 8th. Deutsche Bank Aktiengesellschaft boosted their target price on Cummins from $202.00 to $221.00 and gave the company a “hold” rating in a research report on Tuesday. JPMorgan Chase & Co. boosted their price target on Cummins from $145.00 to $171.00 and gave the company a “neutral” rating in a report on Wednesday, July 1st. Finally, Wells Fargo & Company boosted their price target on Cummins from $235.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, September 25th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $204.33.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.93. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.68 billion. Cummins had a net margin of 8.46% and a return on equity of 21.04%. Cummins’s revenue for the quarter was down 38.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.27 earnings per share. As a group, analysts predict that Cummins Inc. will post 9.37 EPS for the current fiscal year.
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 paid a $1.35 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.31. The ex-dividend date is Thursday, November 19th. This represents a $5.40 dividend on an annualized basis and a yield of 2.42%. Cummins’s payout ratio is 34.82%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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