Oppenheimer Asset Management Inc. Has $934,000 Stake in Cummins Inc. (NYSE:CMI)

Oppenheimer Asset Management Inc. trimmed its stake in Cummins Inc. (NYSE:CMI) by 2.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,886 shares of the company’s stock after selling 70 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cummins were worth $934,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cultivar Capital Inc. bought a new position in shares of Cummins during the 2nd quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins during the 2nd quarter worth about $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the 2nd quarter worth about $29,000. LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the 3rd quarter worth about $34,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Up 0.6 %

NYSE:CMI opened at $364.08 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a market cap of $49.94 billion, a price-to-earnings ratio of 24.05, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21. The firm has a 50-day moving average price of $330.26 and a two-hundred day moving average price of $302.36.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter last year, the business posted $4.73 EPS. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.00%. Cummins’s payout ratio is currently 48.08%.

Insider Transactions at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 2,001 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. This trade represents a 8.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,576 shares of company stock worth $9,033,945 in the last quarter. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Robert W. Baird increased their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Citigroup upped their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. upped their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $334.33.

Cummins Company Profile

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.