Cypress Capital Group Makes New $706,000 Investment in Cummins Inc. (NYSE:CMI)

Cypress Capital Group purchased a new position in Cummins Inc. (NYSE:CMI) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,180 shares of the company’s stock, valued at approximately $706,000.

Several other institutional investors have also recently made changes to their positions in the business. PFG Investments LLC grew its position in shares of 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 purchasing an additional 485 shares during the period. CWM LLC raised its stake in shares of 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 acquiring an additional 1,786 shares during the period. Distillate Capital Partners LLC raised its stake in shares of 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 acquiring an additional 59,027 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Cummins in the 2nd quarter valued at approximately $16,329,000. Finally, Cetera Advisors LLC increased its stake in Cummins by 162.9% during the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after buying an additional 14,170 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 4,326 shares of company stock valued at $1,559,125. 0.56% of the stock is owned by insiders.

Cummins Stock Performance

Shares of NYSE:CMI opened at $369.13 on Friday. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.64. The firm has a market cap of $50.64 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The business has a fifty day moving average of $334.37 and a 200-day moving average of $303.79.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business earned $4.73 earnings per share. On average, equities research analysts predict that Cummins Inc. will post 20.57 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is presently 48.08%.

Analyst Upgrades and Downgrades

Several research firms have commented on CMI. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. Citigroup upped their target price on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. The Goldman Sachs Group upped their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Barclays upped their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $337.67.

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.