Colonial River Investments LLC Has $598,000 Stake in Cummins Inc. (NYSE:CMI)

Colonial River Investments LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 87.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,847 shares of the company’s stock after acquiring an additional 862 shares during the period. Colonial River Investments LLC’s holdings in Cummins were worth $598,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CMI. Envestnet Portfolio Solutions Inc. increased its holdings in Cummins by 22.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 5,723 shares of the company’s stock worth $1,686,000 after purchasing an additional 1,061 shares in the last quarter. Montag A & Associates Inc. lifted its position in shares of Cummins by 4,316.9% during the 1st quarter. Montag A & Associates Inc. now owns 7,862 shares of the company’s stock valued at $2,317,000 after acquiring an additional 7,684 shares during the period. Concurrent Investment Advisors LLC lifted its position in shares of Cummins by 22.9% during the 1st quarter. Concurrent Investment Advisors LLC now owns 3,235 shares of the company’s stock valued at $953,000 after acquiring an additional 603 shares during the period. Donoghue Forlines LLC bought a new position in Cummins during the first quarter worth $1,900,000. Finally, Russell Investments Group Ltd. grew its holdings in Cummins by 18.9% in the first quarter. Russell Investments Group Ltd. now owns 205,932 shares of the company’s stock worth $60,679,000 after purchasing an additional 32,665 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

NYSE CMI opened at $356.46 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.82. The company has a fifty day moving average price of $322.99 and a 200-day moving average price of $299.12. Cummins Inc. has a 1 year low of $214.57 and a 1 year high of $370.21. The firm has a market cap of $48.90 billion, a price-to-earnings ratio of 23.54, a PEG ratio of 2.01 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter last year, the business posted $4.73 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 20.17 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.04%. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Evercore ISI increased their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. The Goldman Sachs Group increased their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday. Citigroup boosted their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. 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. Finally, Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $324.83.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on 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 completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Company 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.