Douglas Lane & Associates LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 1,401 shares of the company’s stock, valued at approximately $227,000.
A number of other large investors have also added to or reduced their stakes in the stock. Johanson Financial Advisors Inc. boosted its stake in Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after buying an additional 7 shares during the period. Cordasco Financial Network boosted its stake in Cummins by 0.6% in the first quarter. Cordasco Financial Network now owns 1,409 shares of the company’s stock valued at $213,000 after buying an additional 9 shares during the period. Alambic Investment Management L.P. boosted its stake in Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after buying an additional 16 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cummins by 2.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,496 shares of the company’s stock valued at $226,000 after buying an additional 31 shares during the period. Finally, Community Bank N.A. boosted its stake in Cummins by 0.3% in the first quarter. Community Bank N.A. now owns 12,359 shares of the company’s stock valued at $1,869,000 after buying an additional 35 shares during the period. 80.66% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (CMI) traded down 0.32% during midday trading on Friday, hitting $150.79. The company 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 company has a market capitalization of $25.18 billion, a price-to-earnings ratio of 17.04 and a beta of 1.09. The company’s 50-day moving average price is $161.81 and its 200 day moving average price is $155.47.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.40 earnings per share. Equities research analysts predict that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a dividend of $1.08 per share. This is a positive change 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%. The ex-dividend date of this dividend is Wednesday, August 16th. Cummins’s payout ratio is 48.76%.
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CMI has been the subject of a number of analyst reports. Jefferies Group LLC reaffirmed a “hold” rating and set a $160.00 price objective (up from $150.00) on shares of Cummins in a research note on Tuesday, May 2nd. Stifel Nicolaus reaffirmed a “hold” rating and set a $155.00 price objective (up from $150.00) on shares of Cummins in a research note on Wednesday, May 3rd. Deutsche Bank AG reaffirmed a “sell” rating and set a $154.00 price objective (up from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 target price on shares of Cummins in a report on Monday, June 5th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. Cummins presently has a consensus rating of “Hold” and a consensus price target of $156.21.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction on 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 directly owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $676,000.00. Following the sale, the insider now directly owns 41,902 shares of the company’s stock, valued at $7,081,438. The disclosure for this sale can be found here. Insiders have sold a total of 60,969 shares of company stock valued at $10,053,755 over the last 90 days. Company 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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