Lenox Wealth Management Inc. raised its position in shares of Cummins Inc. (NYSE:CMI) by 2,876.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,388 shares of the company’s stock after buying an additional 5,207 shares during the quarter. Lenox Wealth Management Inc.’s holdings in Cummins were worth $787,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Edge Wealth Management LLC purchased a new position in shares of Cummins in the 3rd quarter worth approximately $102,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Cummins by 5,873.3% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after purchasing an additional 881 shares during the period. MHI Funds LLC purchased a new position in shares of Cummins in the 2nd quarter worth approximately $147,000. Qube Research & Technologies Ltd purchased a new position in shares of Cummins in the 2nd quarter worth approximately $155,000. Finally, Centaurus Financial Inc. boosted its holdings in shares of Cummins by 73.2% in the 2nd quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock worth $164,000 after purchasing an additional 520 shares during the period. Institutional investors and hedge funds own 79.43% of the company’s stock.

CMI opened at $139.93 on Tuesday. Cummins Inc. has a 52-week low of $129.90 and a 52-week high of $194.18. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.61 and a quick ratio of 1.03. The firm has a market cap of $23.06 billion, a P/E ratio of 13.18, a price-to-earnings-growth ratio of 0.78 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, July 31st. The company reported $3.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.63 by ($0.31). Cummins had a net margin of 4.67% and a return on equity of 26.30%. The business had revenue of $6.13 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter in the previous year, the firm earned $2.53 EPS. Cummins’s revenue was up 20.8% compared to the same quarter last year. As a group, research analysts forecast that Cummins Inc. will post 15 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 15th will be issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Wednesday, November 14th. Cummins’s payout ratio is currently 42.94%.

Cummins announced that its Board of Directors has authorized a share buyback plan on Tuesday, October 9th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 8.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

A number of equities analysts have recently commented on CMI shares. Citigroup dropped their target price on Cummins from $160.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, June 25th. Mizuho started coverage on Cummins in a report on Friday, June 29th. They issued a “neutral” rating and a $150.00 target price for the company. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $148.00 target price for the company in a report on Tuesday, July 3rd. Stifel Nicolaus upgraded Cummins from a “hold” rating to a “buy” rating and dropped their target price for the stock from $174.00 to $160.00 in a report on Tuesday, July 10th. Finally, Oppenheimer dropped their target price on Cummins from $168.00 to $192.00 and set an “outperform” rating for the company in a report on Monday, July 23rd. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating and eight have issued a buy rating to the company. Cummins presently has a consensus rating of “Hold” and an average price target of $167.59.

In other Cummins news, VP Mark Andrew Smith sold 501 shares of Cummins stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $153.27, for a total transaction of $76,788.27. Following the completion of the sale, the vice president now directly owns 4,463 shares of the company’s stock, valued at approximately $684,044.01. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Tracy A. Embree sold 462 shares of Cummins stock in a transaction on Monday, August 6th. The shares were sold at an average price of $141.70, for a total value of $65,465.40. Following the sale, the vice president now directly owns 4,122 shares of the company’s stock, valued at $584,087.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,087 shares of company stock valued at $3,914,211. 0.67% of the stock is owned by company insiders.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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