Putnam FL Investment Management Co. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 31.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,564 shares of the company’s stock after buying an additional 371 shares during the quarter. Putnam FL Investment Management Co.’s holdings in Cummins were worth $254,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. BBVA USA Bancshares Inc. increased its position in Cummins by 149.2% during the 3rd quarter. BBVA USA Bancshares Inc. now owns 16,759 shares of the company’s stock valued at $2,726,000 after buying an additional 10,034 shares in the last quarter. Mason Street Advisors LLC increased its position in Cummins by 8.8% during the 3rd quarter. Mason Street Advisors LLC now owns 22,479 shares of the company’s stock valued at $3,657,000 after buying an additional 1,815 shares in the last quarter. Prime Capital Investment Advisors LLC increased its position in Cummins by 513.7% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 20,916 shares of the company’s stock valued at $3,402,000 after buying an additional 17,508 shares in the last quarter. Vestmark Advisory Solutions Inc. increased its position in Cummins by 2.7% during the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 4,521 shares of the company’s stock valued at $735,000 after buying an additional 117 shares in the last quarter. Finally, Tower Research Capital LLC TRC acquired a new position in Cummins during the 3rd quarter valued at about $743,000. 84.41% of the stock is currently owned by institutional investors.

CMI has been the topic of several recent analyst reports. Cfra lowered Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Credit Suisse Group increased their price objective on Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Morgan Stanley increased their price objective on Cummins from $162.00 to $174.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Citigroup reissued a “buy” rating and issued a $200.00 price objective (up from $175.00) on shares of Cummins in a report on Tuesday, November 5th. Finally, Barclays reissued a “hold” rating and issued a $159.00 price objective on shares of Cummins in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $172.53.

Shares of CMI stock traded up $3.33 during mid-day trading on Friday, reaching $184.17. The stock had a trading volume of 409,896 shares, compared to its average volume of 1,305,999. The business’s fifty day moving average is $169.67 and its 200-day moving average is $163.41. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.18. The firm has a market cap of $28.20 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.88 and a beta of 1.13. Cummins Inc. has a 1-year low of $124.40 and a 1-year high of $186.73.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $3.83 earnings per share for the quarter, missing analysts’ consensus estimates of $3.84 by ($0.01). The firm had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.87 billion. Cummins had a net margin of 10.53% and a return on equity of 28.52%. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $4.05 earnings per share. On average, analysts forecast that Cummins Inc. will post 15.03 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be issued a dividend of $1.311 per share. This represents a $5.24 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Wednesday, November 13th. Cummins’s dividend payout ratio (DPR) is 39.61%.

Cummins Profile

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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