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.
Featured Article: How To Calculate Debt-to-Equity Ratio
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).