Cetera Advisors LLC Lowers Position in Cummins Inc. (NYSE:CMI)

Cetera Advisors LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.1% in the third quarter, HoldingsChannel.com reports. The firm owned 2,854 shares of the company’s stock after selling 187 shares during the quarter. Cetera Advisors LLC’s holdings in Cummins were worth $464,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Private Trust Co. NA bought a new position in shares of Cummins in the 2nd quarter worth about $217,000. Montecito Bank & Trust increased its stake in shares of Cummins by 14.2% in the 2nd quarter. Montecito Bank & Trust now owns 3,149 shares of the company’s stock worth $539,000 after acquiring an additional 391 shares in the last quarter. Rockland Trust Co. increased its stake in shares of Cummins by 5.9% in the 2nd quarter. Rockland Trust Co. now owns 7,962 shares of the company’s stock worth $1,364,000 after acquiring an additional 445 shares in the last quarter. DNB Asset Management AS increased its stake in shares of Cummins by 2.7% in the 2nd quarter. DNB Asset Management AS now owns 51,843 shares of the company’s stock worth $8,883,000 after acquiring an additional 1,372 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new position in shares of Cummins in the 2nd quarter worth about $245,000. Institutional investors and hedge funds own 84.73% of the company’s stock.

Shares of CMI stock opened at $183.46 on Tuesday. Cummins Inc. has a one year low of $124.40 and a one year high of $186.73. The company’s 50-day moving average is $171.49 and its 200 day moving average is $163.82. The company has a market capitalization of $28.19 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 1.88 and a beta of 1.13. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.95 and a current ratio of 1.52.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $3.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.84 by ($0.01). The company had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.87 billion. Cummins had a net margin of 10.53% and a return on equity of 28.52%. The business’s revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $4.05 EPS. As a group, research analysts predict that Cummins Inc. will post 15.03 earnings per share for the current fiscal 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. This represents a $5.24 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Wednesday, November 13th. Cummins’s payout ratio is presently 39.61%.

Several analysts recently commented on the stock. ValuEngine raised shares of Cummins from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Cfra downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, October 30th. Citigroup reissued a “buy” rating and set a $200.00 price objective (up from $175.00) on shares of Cummins in a research report on Tuesday, November 5th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and set a $207.00 price objective on the stock in a research report on Friday, November 8th. Finally, Wells Fargo & Co increased their price objective on shares of Cummins from $165.00 to $180.00 and gave the company a “market perform” rating in a research report on Wednesday, October 30th. Two 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’s stock. The company presently has an average rating of “Hold” and a consensus target price of $172.53.

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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