Lord Abbett & CO. LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 1.7% during the third quarter, Holdings Channel.com reports. The fund owned 88,774 shares of the company’s stock after selling 1,560 shares during the period. Lord Abbett & CO. LLC’s holdings in Cummins were worth $19,935,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Trustcore Financial Services LLC grew its holdings in Cummins by 500.0% during the third quarter. Trustcore Financial Services LLC now owns 120 shares of the company’s stock worth $27,000 after purchasing an additional 100 shares during the period. KB Financial Partners LLC grew its holdings in Cummins by 47.8% during the second quarter. KB Financial Partners LLC now owns 136 shares of the company’s stock worth $33,000 after purchasing an additional 44 shares during the period. Kempen Capital Management N.V. grew its holdings in Cummins by 41.3% during the second quarter. Kempen Capital Management N.V. now owns 154 shares of the company’s stock worth $38,000 after purchasing an additional 45 shares during the period. Canton Hathaway LLC bought a new position in Cummins during the third quarter worth about $37,000. Finally, Arlington Partners LLC bought a new position in Cummins during the third quarter worth about $45,000. 80.17% of the stock is currently owned by institutional investors and hedge funds.
CMI has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft reduced their price objective on Cummins from $251.00 to $247.00 and set a “hold” rating for the company in a report on Friday, December 10th. Zacks Investment Research cut Cummins from a “hold” rating to a “sell” rating and set a $246.00 price objective for the company. in a report on Monday, January 10th. Evercore ISI reduced their price objective on Cummins from $315.00 to $299.00 and set an “outperform” rating for the company in a report on Thursday, October 14th. Citigroup boosted their price objective on Cummins from $280.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, October 12th. Finally, Credit Suisse Group boosted their price objective on Cummins from $295.00 to $304.00 and gave the stock an “outperform” rating in a report on Wednesday, November 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Buy” and a consensus target price of $282.64.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Monday, November 1st. The company reported $3.69 EPS for the quarter, missing the consensus estimate of $3.99 by ($0.30). Cummins had a net margin of 9.32% and a return on equity of 24.91%. The firm had revenue of $5.97 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the prior year, the firm earned $3.57 earnings per share. Analysts forecast that Cummins Inc. will post 15.15 EPS for the current year.
Cummins declared that its Board of Directors has initiated a stock repurchase program on Tuesday, December 14th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
In other news, Director Leo Allen Bruno V. Di sold 1,000 shares of the company’s stock in a transaction on Wednesday, November 17th. The shares were sold at an average price of $233.81, for a total transaction of $233,810.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Tony Satterthwaite sold 9,190 shares of the company’s stock in a transaction on Tuesday, November 23rd. The stock was sold at an average price of $226.72, for a total transaction of $2,083,556.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,550 shares of company stock valued at $4,052,119. Company insiders own 1.00% of the company’s stock.
Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, 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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