Cummins Inc. $CMI Shares Purchased by Fisher Asset Management LLC

Fisher Asset Management LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 4.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,768,635 shares of the company’s stock after buying an additional 173,274 shares during the quarter. Fisher Asset Management LLC’s holdings in Cummins were worth $1,946,764,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legacy Trust lifted its position in shares of Cummins by 0.5% during the 3rd quarter. Legacy Trust now owns 17,882 shares of the company’s stock worth $8,943,000 after buying an additional 86 shares during the period. Russell Investments Group Ltd. grew its position in Cummins by 57.4% in the third quarter. Russell Investments Group Ltd. now owns 243,390 shares of the company’s stock valued at $125,797,000 after acquiring an additional 88,729 shares during the period. Eurizon Capital SGR S.p.A. boosted its stake in shares of Cummins by 22.8% in the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 82,140 shares of the company’s stock valued at $42,454,000 after purchasing an additional 15,237 shares in the last quarter. Werba Rubin Papier Wealth Management boosted its stake in shares of Cummins by 7.8% in the 3rd quarter. Werba Rubin Papier Wealth Management now owns 716 shares of the company’s stock valued at $370,000 after purchasing an additional 52 shares in the last quarter. Finally, R Squared Ltd grew its holdings in shares of Cummins by 158.8% in the 3rd quarter. R Squared Ltd now owns 3,499 shares of the company’s stock worth $1,807,000 after purchasing an additional 2,147 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CMI shares. DA Davidson increased their target price on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. CICC Research started coverage on shares of Cummins in a research note on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price for the company. Citigroup reduced their target price on Cummins from $630.00 to $525.00 and set a “buy” rating on the stock in a report on Friday, November 6th. UBS Group decreased their price target on Cummins from $741.00 to $675.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Wells Fargo & Company dropped their price target on Cummins from $608.00 to $520.00 and set an “overweight” rating for the company in a report on Friday, November 6th. Thirteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and a consensus target price of $659.44.

Insider Buying and Selling

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction 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 completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Cummins Trading Down 1.7%

Shares of NYSE CMI opened at $455.48 on Friday. Cummins Inc. has a 1-year low of $443.62 and a 1-year high of $737.76. The company has a 50-day moving average of $518.60 and a two-hundred day moving average of $597.27. The company has a market cap of $62.44 billion, a PE ratio of 17.41, a P/E/G ratio of 1.23 and a beta of 1.26. The company has a current ratio of 1.74, a quick ratio of 1.13 and a debt-to-equity ratio of 0.46.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 5th. The company reported $8.25 earnings per share for the quarter, beating analysts’ consensus estimates of $8.20 by $0.05. The business had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.89 billion. Cummins had a net margin of 9.26% and a return on equity of 26.82%. Cummins’s revenue for the quarter was up 13.5% compared to the same quarter last year. During the same quarter last year, the business posted $5.59 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 29.83 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is presently 36.73%.

Cummins Profile

Cummins Inc. is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications. The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.