Fisher Asset Management LLC Purchases 165,398 Shares of Cummins Inc. (NYSE:CMI)

Fisher Asset Management LLC increased its position in Cummins Inc. (NYSE:CMI) by 5.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 3,005,570 shares of the company’s stock after purchasing an additional 165,398 shares during the period. Fisher Asset Management LLC’s holdings in Cummins were worth $973,174,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PFG Investments LLC raised its holdings in shares of Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after acquiring an additional 485 shares in the last quarter. CWM LLC raised its stake in Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC raised its stake in Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Cummins in the 2nd quarter worth $16,329,000. Finally, Cetera Advisors LLC increased its holdings in shares of Cummins by 162.9% in the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after buying an additional 14,170 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 over the last 90 days. Company insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $372.62 on Monday. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The stock’s fifty day moving average price is $335.78 and its 200-day moving average price is $304.64. The firm has a market cap of $51.12 billion, a P/E ratio of 24.61, a P/E/G ratio of 1.81 and a beta of 0.97. Cummins Inc. has a 12 month low of $222.04 and a 12 month high of $373.35.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter last year, the firm posted $4.73 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CMI shares. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. Finally, Robert W. Baird increased their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $337.67.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers 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; and offers parts and services, as well as remanufactured parts and engines.