Moran Wealth Management LLC reduced its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 11.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,965 shares of the company’s stock after selling 1,546 shares during the period. Moran Wealth Management LLC’s holdings in Cummins were worth $2,933,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Synovus Financial Corp increased its position in Cummins by 254.4% during the first quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock worth $1,242,000 after purchasing an additional 4,378 shares during the last quarter. Cibc World Market Inc. grew its holdings in shares of Cummins by 65.4% in the first quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock valued at $3,732,000 after purchasing an additional 7,191 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Cummins by 16.1% in the first quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after purchasing an additional 13,058 shares in the last quarter. Prudential PLC acquired a new position in shares of Cummins in the first quarter valued at approximately $711,000. Finally, Cetera Investment Advisers grew its holdings in shares of Cummins by 43.0% in the first quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after purchasing an additional 1,925 shares in the last quarter. 81.81% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $270.00 to $255.00 in a report on Monday, October 16th. The Goldman Sachs Group lifted their price objective on shares of Cummins from $241.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, August 4th. Bank of America decreased their price target on shares of Cummins from $273.00 to $264.00 in a research note on Wednesday, October 11th. Credit Suisse Group decreased their price target on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating for the company in a research note on Friday, August 4th. Finally, StockNews.com assumed coverage on shares of Cummins in a research note on Thursday, October 5th. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $264.50.
Cummins Stock Down 0.6 %
Shares of NYSE:CMI opened at $224.16 on Tuesday. The company has a market capitalization of $31.77 billion, a PE ratio of 11.43, a P/E/G ratio of 1.17 and a beta of 1.07. The company has a current ratio of 1.43, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $265.28. The firm has a 50 day simple moving average of $225.28 and a 200-day simple moving average of $231.58.
Cummins Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Friday, November 24th will be issued a $1.68 dividend. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 3.00%. Cummins’s payout ratio is 34.25%.
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 New Power. 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 new parts and services, as well as remanufactured parts and engines.
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