Verity & Verity LLC Acquires 1,177 Shares of Cummins Inc. $CMI

Verity & Verity LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 36,181 shares of the company’s stock after purchasing an additional 1,177 shares during the period. Verity & Verity LLC’s holdings in Cummins were worth $15,282,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Salomon & Ludwin LLC increased its stake in shares of Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares during the period. Tripletail Wealth Management LLC bought a new stake in Cummins in the third quarter valued at approximately $39,000. Osterweis Capital Management Inc. bought a new stake in Cummins in the second quarter valued at approximately $31,000. SJS Investment Consulting Inc. increased its position in Cummins by 1,414.3% during the 3rd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock valued at $45,000 after purchasing an additional 99 shares during the period. Finally, Financial Consulate Inc. bought a new position in Cummins during the 3rd quarter worth approximately $45,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Up 2.3%

Shares of Cummins stock opened at $522.19 on Friday. The stock has a market capitalization of $72.08 billion, a PE ratio of 27.10, a price-to-earnings-growth ratio of 1.80 and a beta of 1.12. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $526.50. The stock has a 50 day moving average price of $487.29 and a two-hundred day moving average price of $419.69. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the business earned $5.86 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, November 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Transactions at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the sale, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,330 shares of company stock valued at $12,649,764 over the last three months. Corporate insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CMI shares. Citigroup upped their price objective on shares of Cummins from $530.00 to $580.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Barclays reissued a “positive” rating on shares of Cummins in a research report on Friday, December 19th. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 target price on shares of Cummins in a research report on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $492.75.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.