Parallel Advisors LLC Sells 288 Shares of Cummins Inc. (NYSE:CMI)

Parallel Advisors LLC reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,101 shares of the company’s stock after selling 288 shares during the period. Parallel Advisors LLC’s holdings in Cummins were worth $667,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Cummins by 2.3% in the second quarter. Vanguard Group Inc. now owns 12,170,719 shares of the company’s stock worth $2,085,331,000 after purchasing an additional 276,792 shares during the last quarter. BlackRock Inc. lifted its stake in Cummins by 5.8% in the second quarter. BlackRock Inc. now owns 11,488,896 shares of the company’s stock worth $1,968,509,000 after acquiring an additional 629,235 shares during the period. Northern Trust Corp lifted its stake in Cummins by 0.9% in the second quarter. Northern Trust Corp now owns 2,468,142 shares of the company’s stock worth $422,891,000 after acquiring an additional 22,363 shares during the period. AQR Capital Management LLC lifted its stake in Cummins by 173.8% in the second quarter. AQR Capital Management LLC now owns 2,366,771 shares of the company’s stock worth $400,387,000 after acquiring an additional 1,502,462 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in Cummins by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 2,185,924 shares of the company’s stock worth $374,536,000 after acquiring an additional 10,081 shares during the period. Institutional investors and hedge funds own 81.94% of the company’s stock.

Cummins stock traded up $3.25 on Friday, hitting $185.78. 536,582 shares of the stock traded hands, compared to its average volume of 1,242,552. 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 $27.57 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 1.84 and a beta of 1.13. The business’s fifty day simple moving average is $167.03 and its 200 day simple moving average is $162.88. Cummins Inc. has a 1 year low of $124.40 and a 1 year high of $184.52.

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

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th will be issued a dividend of $1.311 per share. The ex-dividend date is Wednesday, November 13th. This represents a $5.24 annualized dividend and a dividend yield of 2.82%. Cummins’s payout ratio is presently 39.61%.

A number of analysts recently commented on the company. Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Credit Suisse Group raised their price target on Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Citigroup reaffirmed a “buy” rating and issued a $200.00 price target (up previously from $175.00) on shares of Cummins in a research note on Tuesday. Wells Fargo & Co raised their price target on Cummins from $165.00 to $180.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 30th. Finally, Cfra lowered Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $172.53.

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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