Trust Co. of Vermont boosted its position in shares of Cummins Inc. (NYSE:CMI) by 7.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,098 shares of the company’s stock after buying an additional 228 shares during the period. Trust Co. of Vermont’s holdings in Cummins were worth $503,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Pinnacle Bank purchased a new position in Cummins during the first quarter worth approximately $105,000. Cohen Capital Management Inc. purchased a new position in Cummins during the first quarter worth approximately $121,000. First Manhattan Co. raised its position in 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 period. First Interstate Bank raised its position in 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 period. Finally, Harbour Capital Advisors LLC purchased 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.
Shares of Cummins Inc. (CMI) opened at 150.79 on Friday. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68. The company has a market capitalization 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 issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the previous year, the business earned $2.40 earnings per share. The business’s quarterly revenue was up 12.1% on a year-over-year basis. On average, analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.86%. Cummins’s payout ratio is currently 48.76%.
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A number of research analysts have recently commented on the stock. Deutsche Bank AG boosted their price target on shares of Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a research report on Tuesday, July 4th. ValuEngine lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research report on Thursday, July 20th. Goldman Sachs Group, Inc. (The) lowered shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price target for the company. in a research report on Monday, August 7th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $166.00 target price on shares of Cummins in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $156.21.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the sale, the director now owns 5,814 shares in the company, valued at approximately $925,995.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total transaction of $676,000.00. Following the sale, the insider now owns 41,902 shares of the company’s stock, valued at approximately $7,081,438. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,969 shares of company stock valued at $10,053,755. 0.62% of the stock is owned by corporate insiders.
Cummins Company Profile
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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