Aviance Capital Management LLC decreased its stake in Cummins Inc. (NYSE:CMI) by 5.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,834 shares of the company’s stock after selling 462 shares during the period. Aviance Capital Management LLC’s holdings in Cummins were worth $1,185,000 as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Pinnacle Bank acquired a new stake in Cummins during the first quarter worth about $105,000. Cohen Capital Management Inc. purchased a new position in shares of Cummins during the first quarter worth $121,000. First Manhattan Co. increased its position in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock worth $127,000 after buying an additional 40 shares during the last quarter. First Interstate Bank increased its position in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after buying an additional 194 shares during the last quarter. Finally, Harbour Capital Advisors LLC bought a new position in Cummins during the first quarter worth approximately $150,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.
Cummins Inc. (CMI) traded down 0.32% during trading on Friday, hitting $150.79. The company’s stock had a trading volume of 1,467,309 shares. Cummins Inc. has a 12 month low of $116.03 and a 12 month high of $170.68. The firm has a market cap of $25.18 billion, a P/E ratio of 17.04 and a beta of 1.09. The firm has a 50 day moving average of $161.81 and a 200 day moving average of $155.47.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by $0.05. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business posted $2.40 EPS. Equities research analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a $1.08 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.86%. Cummins’s dividend payout ratio (DPR) is presently 48.76%.
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A number of research firms have commented on CMI. Jefferies Group LLC reaffirmed a “hold” rating and set a $165.00 price objective (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus reissued a “hold” rating and issued a $168.00 target price (up previously from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Piper Jaffray Companies reissued a “hold” rating and issued a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Deutsche Bank AG reduced their target price on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $177.00 target price for the company in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $156.21.
In other Cummins news, COO Richard Joseph Freeland sold 22,550 shares of Cummins stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the completion of the sale, the chief operating officer now owns 14,131 shares of the company’s stock, valued at approximately $2,331,615. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Pat Ward sold 14,050 shares of Cummins stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the transaction, the chief financial officer now owns 13,395 shares of the company’s stock, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. Insiders sold a total of 60,969 shares of company stock valued at $10,053,755 in the last three months. Insiders own 0.62% of the company’s stock.
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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