Haverford Trust Co Acquires 102 Shares of Cummins Inc. (NYSE:CMI)

Haverford Trust Co raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,740 shares of the company’s stock after acquiring an additional 102 shares during the quarter. Haverford Trust Co’s holdings in Cummins were worth $563,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Victory Capital Management Inc. boosted its position in shares of Cummins by 25.4% in the third quarter. Victory Capital Management Inc. now owns 217,689 shares of the company’s stock worth $70,486,000 after purchasing an additional 44,027 shares during the period. Delta Financial Advisors LLC raised its position in shares of Cummins by 8.9% during the 3rd quarter. Delta Financial Advisors LLC now owns 6,425 shares of the company’s stock valued at $2,080,000 after purchasing an additional 526 shares during the period. Ashton Thomas Securities LLC purchased a new position in shares of Cummins during the 3rd quarter valued at $55,000. Los Angeles Capital Management LLC boosted its holdings in Cummins by 18.7% in the 3rd quarter. Los Angeles Capital Management LLC now owns 40,482 shares of the company’s stock worth $13,108,000 after buying an additional 6,371 shares during the period. Finally, Colonial River Investments LLC increased its stake in Cummins by 87.5% in the 3rd quarter. Colonial River Investments LLC now owns 1,847 shares of the company’s stock worth $598,000 after buying an additional 862 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now directly 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 position. The disclosure for this sale can be found here. Insiders sold 26,413 shares of company stock valued at $8,249,879 over the last quarter. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on CMI. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. 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 report on Friday, October 11th. Barclays raised their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Citigroup raised their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $294.00 to $408.00 in a research report on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $334.33.

Cummins Trading Down 0.7 %

Shares of NYSE CMI opened at $363.81 on Friday. The stock has a market capitalization of $49.91 billion, a P/E ratio of 24.03, a price-to-earnings-growth ratio of 1.75 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a fifty day moving average price of $326.20 and a 200 day moving average price of $300.60. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.21.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the company posted $4.73 earnings per share. Equities research analysts expect that Cummins Inc. will post 20.44 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend 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.