First National Trust Co trimmed its position in Cummins Inc. (NYSE:CMI) by 9.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,273 shares of the company’s stock after selling 447 shares during the quarter. First National Trust Co’s holdings in Cummins were worth $624,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of CMI. Boston Partners raised its stake in shares of Cummins by 45.4% in the 2nd quarter. Boston Partners now owns 4,918,989 shares of the company’s stock valued at $654,225,000 after acquiring an additional 1,534,792 shares during the period. LSV Asset Management raised its stake in shares of Cummins by 76.6% in the 2nd quarter. LSV Asset Management now owns 1,800,245 shares of the company’s stock valued at $239,432,000 after acquiring an additional 781,118 shares during the period. Renaissance Technologies LLC raised its stake in shares of Cummins by 134.3% in the 2nd quarter. Renaissance Technologies LLC now owns 780,300 shares of the company’s stock valued at $103,780,000 after acquiring an additional 447,336 shares during the period. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Cummins in the 3rd quarter valued at approximately $63,360,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Cummins by 865.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 345,618 shares of the company’s stock valued at $3,875,000 after acquiring an additional 309,827 shares during the period. Institutional investors own 79.79% of the company’s stock.
In other Cummins news, CFO Pat Ward sold 4,503 shares of the firm’s stock in a transaction dated Wednesday, October 3rd. The shares were sold at an average price of $148.93, for a total transaction of $670,631.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tony Satterthwaite sold 830 shares of the firm’s stock in a transaction dated Monday, November 5th. The stock was sold at an average price of $141.61, for a total transaction of $117,536.30. Following the sale, the insider now directly owns 40,371 shares in the company, valued at $5,716,937.31. The disclosure for this sale can be found here. Insiders sold a total of 26,495 shares of company stock valued at $3,974,777 in the last quarter. Insiders own 0.62% of the company’s stock.
Cummins stock traded down $3.18 during trading hours on Friday, reaching $143.07. 2,661,700 shares of the stock were exchanged, compared to its average volume of 1,897,357. The company has a market cap of $23.56 billion, a P/E ratio of 13.47, a PEG ratio of 0.80 and a beta of 1.16. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.94 and a current ratio of 1.54. Cummins Inc. has a 52-week low of $124.72 and a 52-week high of $194.18.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 30th. The company reported $4.05 EPS for the quarter, topping the Zacks’ consensus estimate of $3.76 by $0.29. The company had revenue of $5.94 billion during the quarter, compared to the consensus estimate of $5.96 billion. Cummins had a net margin of 5.57% and a return on equity of 29.17%. Cummins’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.71 EPS. As a group, equities analysts predict that Cummins Inc. will post 15.34 earnings per share for the current year.
Cummins announced that its board has initiated a stock buyback program on Tuesday, October 9th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 8.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th will be given a dividend of $1.14 per share. The ex-dividend date is Wednesday, November 14th. This represents a $4.56 dividend on an annualized basis and a yield of 3.19%. Cummins’s payout ratio is currently 42.94%.
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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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