KG&L Capital Management LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 4.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,577 shares of the company’s stock after buying an additional 259 shares during the period. KG&L Capital Management LLC’s holdings in Cummins were worth $907,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in shares of Cummins by 19.5% in the third quarter. Pacer Advisors Inc. now owns 45,955 shares of the company’s stock worth $7,475,000 after purchasing an additional 7,496 shares during the last quarter. Gradient Investments LLC grew its stake in shares of Cummins by 139.7% in the third quarter. Gradient Investments LLC now owns 350 shares of the company’s stock worth $57,000 after purchasing an additional 204 shares during the last quarter. Manning & Napier Group LLC grew its stake in shares of Cummins by 1.0% in the third quarter. Manning & Napier Group LLC now owns 64,402 shares of the company’s stock worth $10,475,000 after purchasing an additional 612 shares during the last quarter. Butensky & Cohen Financial Security Inc. bought a new stake in shares of Cummins in the third quarter worth about $2,615,000. Finally, Denali Advisors LLC bought a new stake in shares of Cummins in the third quarter worth about $146,000. Hedge funds and other institutional investors own 82.30% of the company’s stock.
Cummins stock traded up $5.68 during trading hours on Friday, hitting $162.73. 96,018 shares of the stock traded hands, compared to its average volume of 1,263,544. The firm’s 50-day moving average price is $155.83 and its two-hundred day moving average price is $161.30. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.18. The company has a market cap of $24.78 billion, a PE ratio of 12.30, a PEG ratio of 1.54 and a beta of 1.14. Cummins Inc. has a one year low of $124.40 and a one year high of $175.91.
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 given a $1.311 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.22%. Cummins’s dividend payout ratio is currently 39.61%.
Several analysts recently issued reports on CMI shares. Loop Capital cut Cummins from a “hold” rating to a “sell” rating and cut their target price for the stock from $168.00 to $145.00 in a research note on Tuesday, July 2nd. Standpoint Research cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Credit Suisse Group lifted their price objective on Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. ValuEngine cut Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Finally, Morgan Stanley cut their price objective on Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $167.09.
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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