Cummins Inc. (CMI) Shares Reduced by Kessler Investment Group LLC

Cummins Inc. (CMI) Shares Reduced by Kessler Investment Group LLC

Kessler Investment Group LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 5.0% in the fourth quarter, HoldingsChannel reports. The firm owned 6,822 shares of the company’s stock after selling 357 shares during the quarter. Cummins comprises about 1.2% of Kessler Investment Group LLC’s investment portfolio, making the stock its 21st largest holding. Kessler Investment Group LLC’s holdings in Cummins were worth $912,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. IMS Capital Management acquired a new position in Cummins in the third quarter valued at approximately $63,000. Edge Wealth Management LLC acquired a new position in Cummins in the third quarter valued at approximately $102,000. Pflug Koory LLC boosted its holdings in Cummins by 604.0% in the third quarter. Pflug Koory LLC now owns 1,056 shares of the company’s stock valued at $154,000 after purchasing an additional 906 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in Cummins in the second quarter valued at approximately $155,000. Finally, Centaurus Financial Inc. boosted its holdings in Cummins by 73.2% in the second quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock valued at $164,000 after purchasing an additional 520 shares in the last quarter. 80.41% of the stock is owned by hedge funds and other institutional investors.

In other news, insider Tony Satterthwaite sold 830 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $141.61, for a total transaction of $117,536.30. Following the completion of the sale, the insider now owns 40,371 shares in the company, valued at $5,716,937.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexis M. Herman sold 775 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $143.64, for a total value of $111,321.00. Following the sale, the director now owns 30,069 shares of the company’s stock, valued at approximately $4,319,111.16. The disclosure for this sale can be found here. Insiders have sold 41,481 shares of company stock valued at $5,863,847 in the last 90 days. Company insiders own 0.67% of the company’s stock.

Shares of CMI stock traded up $0.56 during trading hours on Friday, hitting $139.89. The stock had a trading volume of 21,640 shares, compared to its average volume of 1,256,226. The company has a market capitalization of $22.07 billion, a P/E ratio of 13.13, a PEG ratio of 0.74 and a beta of 1.17. Cummins Inc. has a twelve month low of $124.40 and a twelve month high of $194.18. The company has a current ratio of 1.54, a quick ratio of 0.94 and a debt-to-equity ratio of 0.19.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.76 by $0.29. Cummins had a return on equity of 29.17% and a net margin of 5.57%. The business had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.96 billion. During the same quarter in the prior year, the business earned $2.71 earnings per share. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 15.34 EPS for the current fiscal year.

Cummins announced that its board has approved a stock buyback program on Tuesday, October 9th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 8.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

A number of brokerages recently issued reports on CMI. Zacks Investment Research downgraded Cummins from a “hold” rating to a “sell” rating in a report on Wednesday. Royal Bank of Canada reaffirmed a “hold” rating and issued a $155.00 price target on shares of Cummins in a report on Monday, December 24th. ValuEngine raised Cummins from a “strong sell” rating to a “sell” rating in a report on Thursday, November 8th. UBS Group set a $130.00 price objective on Cummins and gave the company a “sell” rating in a report on Tuesday, November 6th. Finally, Mizuho set a $145.00 price objective on Cummins and gave the company a “hold” rating in a report on Wednesday, October 31st. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $162.75.

Cummins Company 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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