FDx Advisors Inc. Purchases New Position in Cummins Inc. (CMI)

FDx Advisors Inc. purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,077 shares of the company’s stock, valued at approximately $685,000.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Cummins by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after acquiring an additional 298,352 shares during the period. BlackRock Inc. lifted its position in Cummins by 4.1% during the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after acquiring an additional 422,135 shares during the period. American Century Companies Inc. lifted its position in Cummins by 2.9% during the 2nd quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after acquiring an additional 77,116 shares during the period. Boston Partners acquired a new stake in Cummins during the 3rd quarter worth approximately $416,229,000. Finally, FMR LLC lifted its position in Cummins by 43.8% during the 2nd quarter. FMR LLC now owns 1,989,718 shares of the company’s stock worth $322,772,000 after acquiring an additional 606,085 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

CMI has been the subject of a number of recent research reports. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $188.00 price objective for the company in a research report on Monday, October 2nd. Argus increased their price objective on Cummins from $172.00 to $195.00 and gave the stock a “buy” rating in a research report on Monday, November 6th. BMO Capital Markets increased their price objective on Cummins from $185.00 to $190.00 and gave the stock a “market perform” rating in a research report on Wednesday, November 8th. Jefferies Group LLC increased their price objective on Cummins from $165.00 to $180.00 and gave the stock a “hold” rating in a research report on Wednesday, November 1st. Finally, ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company’s stock. Cummins currently has a consensus rating of “Hold” and an average target price of $173.96.

Cummins Inc. (NYSE CMI) opened at $159.41 on Friday. The firm has a market capitalization of $27,740.00, a P/E ratio of 17.17, a P/E/G ratio of 1.38 and a beta of 1.16. Cummins Inc. has a one year low of $134.06 and a one year high of $181.79. The company has a quick ratio of 1.03, a current ratio of 1.57 and a debt-to-equity ratio of 0.19.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 EPS for the quarter, topping the Zacks’ consensus estimate of $2.47 by $0.24. The company had revenue of $5.29 billion for the quarter, compared to analysts’ expectations of $4.79 billion. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The firm’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.02 earnings per share. equities analysts predict that Cummins Inc. will post 10.14 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio is presently 43.90%.

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About Cummins

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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