Cerity Partners LLC Has $37.41 Million Position in Cummins Inc. (NYSE:CMI)

Cerity Partners LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 13.4% during the third quarter, Holdings Channel reports. The fund owned 115,542 shares of the company’s stock after acquiring an additional 13,660 shares during the quarter. Cerity Partners LLC’s holdings in Cummins were worth $37,411,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. PFG Investments LLC increased its holdings in shares of Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after acquiring an additional 485 shares during the last quarter. CWM LLC grew its holdings in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after buying an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC grew its holdings in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after buying an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in Cummins in the 2nd quarter valued at $16,329,000. Finally, Cetera Advisors LLC grew its holdings in Cummins by 162.9% in the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock valued at $6,739,000 after buying an additional 14,170 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of CMI stock opened at $372.62 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a twelve month low of $222.04 and a twelve month high of $373.35. The company has a market cap of $51.12 billion, a P/E ratio of 24.61, a P/E/G ratio of 1.79 and a beta of 0.97. The business has a fifty day simple moving average of $335.78 and a 200 day simple moving average of $304.53.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the company earned $4.73 EPS. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. Cummins’s dividend payout ratio is currently 48.08%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. The Goldman Sachs Group upped their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Barclays upped their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Citigroup upped their price objective on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. increased their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and an average price target of $337.67.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was 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 in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 in the last ninety days. 0.56% of the stock is owned by insiders.

Cummins Profile

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.