Raymond James Trust N.A. lessened its position in Cummins Inc. (NYSE:CMI) by 8.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,059 shares of the company’s stock after selling 486 shares during the quarter. Raymond James Trust N.A.’s holdings in Cummins were worth $1,068,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FDx Advisors Inc. purchased a new position in shares of Cummins in the 1st quarter valued at approximately $27,000. Balentine LLC lifted its stake in shares of Cummins by 74.6% in the 2nd quarter. Balentine LLC now owns 199 shares of the company’s stock valued at $34,000 after purchasing an additional 85 shares during the period. Heritage Wealth Advisors lifted its stake in shares of Cummins by 123.5% in the 2nd quarter. Heritage Wealth Advisors now owns 514 shares of the company’s stock valued at $39,000 after purchasing an additional 284 shares during the period. Smithfield Trust Co. lifted its stake in shares of Cummins by 49.1% in the 2nd quarter. Smithfield Trust Co. now owns 243 shares of the company’s stock valued at $43,000 after purchasing an additional 80 shares during the period. Finally, Hall Laurie J Trustee purchased a new position in Cummins during the third quarter valued at $56,000. Institutional investors own 82.40% of the company’s stock.

Shares of CMI opened at $222.80 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.42 and a quick ratio of 0.89. Cummins Inc. has a one year low of $101.03 and a one year high of $227.15. The firm has a market capitalization of $32.90 billion, a P/E ratio of 19.88, a PEG ratio of 3.69 and a beta of 1.12. The business has a fifty day moving average of $211.22 and a 200 day moving average of $181.49.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, July 28th. The company reported $1.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.93. Cummins had a return on equity of 21.04% and a net margin of 8.46%. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.68 billion. During the same quarter in the previous year, the company posted $4.27 earnings per share. Cummins’s revenue for the quarter was down 38.1% on a year-over-year basis. Analysts expect that Cummins Inc. will post 9.37 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.42%. The ex-dividend date is Thursday, November 19th. This is a positive change from Cummins’s previous quarterly dividend of $1.31. Cummins’s payout ratio is currently 34.82%.

A number of research analysts have issued reports on the company. Citigroup lifted their price objective on Cummins from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday. Loop Capital lifted their price objective on Cummins from $130.00 to $160.00 and gave the company a “sell” rating in a research note on Wednesday, July 29th. Wells Fargo & Company lifted their price objective on Cummins from $235.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, September 25th. Sanford C. Bernstein initiated coverage on Cummins in a research note on Tuesday, September 22nd. They set an “outperform” rating and a $255.00 price objective for the company. Finally, Barclays lifted their target price on Cummins from $175.00 to $192.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $204.33.

Cummins Company 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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