The Manufacturers Life Insurance Company Increases Stake in Cummins Inc. (NYSE:CMI)

The Manufacturers Life Insurance Company lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 0.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 282,159 shares of the company’s stock after acquiring an additional 37 shares during the period. The Manufacturers Life Insurance Company’s holdings in Cummins were worth $91,360,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. PFG Investments LLC raised its holdings in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after buying an additional 485 shares during the period. CWM LLC raised its holdings in Cummins by 17.4% in the third 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 during the period. Distillate Capital Partners LLC raised its holdings in Cummins by 109,309.3% in the second 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 during the period. Manning & Napier Advisors LLC purchased a new position in Cummins in the second quarter valued at approximately $16,329,000. Finally, Cetera Advisors LLC raised its holdings in Cummins by 162.9% in the first 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 during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $370.79 on Thursday. Cummins Inc. has a fifty-two week low of $222.75 and a fifty-two week high of $379.66. The firm’s 50-day simple moving average is $340.19 and its 200 day simple moving average is $306.22. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market cap of $50.86 billion, a P/E ratio of 24.49, a P/E/G ratio of 1.82 and a beta of 0.97.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of Cummins 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 transaction, the vice president now 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on CMI shares. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Citigroup increased their price objective on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. increased their price objective 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. Finally, Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $337.67.

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.