Fisher Asset Management LLC Grows Position in Cummins Inc. (NYSE:CMI)

Fisher Asset Management LLC increased its position in Cummins Inc. (NYSE:CMI) by 5.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,005,570 shares of the company’s stock after purchasing an additional 165,398 shares during the period. Fisher Asset Management LLC owned 2.19% of Cummins worth $973,174,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. grew its position in shares of Cummins by 2.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 19,528 shares of the company’s stock worth $6,323,000 after buying an additional 453 shares during the period. Westfield Capital Management Co. LP boosted its stake in Cummins by 23.2% during the third quarter. Westfield Capital Management Co. LP now owns 23,520 shares of the company’s stock worth $7,616,000 after acquiring an additional 4,422 shares in the last quarter. SevenBridge Financial Group LLC grew its holdings in Cummins by 7.3% in the third quarter. SevenBridge Financial Group LLC now owns 4,449 shares of the company’s stock worth $1,595,000 after purchasing an additional 304 shares during the period. Alpha DNA Investment Management LLC bought a new position in shares of Cummins during the third quarter valued at approximately $748,000. Finally, Larson Financial Group LLC grew its stake in shares of Cummins by 11.6% in the 3rd quarter. Larson Financial Group LLC now owns 2,723 shares of the company’s stock worth $882,000 after buying an additional 282 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Robert W. Baird increased their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $337.67.

Cummins Price Performance

NYSE CMI opened at $372.62 on Monday. 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 52 week low of $222.04 and a 52 week high of $373.35. The firm has a market capitalization of $51.12 billion, a P/E ratio of 24.61, a PEG ratio of 1.81 and a beta of 0.97. The company has a 50-day moving average price of $335.78 and a 200-day moving average price of $304.64.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period last year, the firm earned $4.73 EPS. Cummins’s revenue for the quarter was up .3% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

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

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by corporate 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.