Agran Libbie raised its position in Cummins Inc. (NYSE:CMI) by 7.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,075 shares of the company’s stock after buying an additional 495 shares during the period. Agran Libbie’s holdings in Cummins were worth $796,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP boosted its stake in Cummins by 0.5% in the first quarter. Wellington Management Group LLP now owns 237,563 shares of the company’s stock worth $26,118,000 after buying an additional 1,204 shares during the last quarter. Legal & General Group Plc boosted its stake in Cummins by 2.7% in the first quarter. Legal & General Group Plc now owns 834,870 shares of the company’s stock valued at $91,782,000 after buying an additional 21,806 shares during the last quarter. Hermes Investment Management Ltd. boosted its stake in Cummins by 7.0% in the second quarter. Hermes Investment Management Ltd. now owns 391,663 shares of the company’s stock valued at $44,039,000 after buying an additional 25,600 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its stake in Cummins by 1,564.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 162,048 shares of the company’s stock valued at $18,221,000 after buying an additional 152,315 shares during the last quarter. Finally, Boston Advisors LLC boosted its stake in Cummins by 8,914.4% in the second quarter. Boston Advisors LLC now owns 186,148 shares of the company’s stock valued at $20,930,000 after buying an additional 184,083 shares during the last quarter. 81.36% of the stock is currently owned by institutional investors.
Cummins Inc. (NYSE:CMI) traded up 2.60% during mid-day trading on Wednesday, hitting $123.60. The company had a trading volume of 1,201,690 shares. The company has a 50-day moving average price of $122.93 and a 200 day moving average price of $116.30. Cummins Inc. has a 52-week low of $79.88 and a 52-week high of $127.64. The company has a market capitalization of $20.76 billion, a P/E ratio of 16.93 and a beta of 1.48.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.25. The company earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The firm’s revenue was down 9.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.62 earnings per share. On average, analysts forecast that Cummins Inc. will post $8.15 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, August 22nd were given a $0.975 dividend. This represents a $3.90 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Thursday, August 18th. Cummins’s payout ratio is 55.93%.
CMI has been the topic of several recent analyst reports. Jefferies Group reiterated a “hold” rating and set a $115.00 price objective on shares of Cummins in a research report on Thursday, July 7th. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Citigroup Inc. lifted their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Deutsche Bank AG initiated coverage on shares of Cummins in a research report on Tuesday, September 6th. They set a “sell” rating and a $111.00 price objective on the stock. Finally, William Blair set a $110.00 price objective on shares of Cummins and gave the company a “hold” rating in a research report on Thursday, September 8th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the stock. Cummins has a consensus rating of “Hold” and a consensus price target of $104.37.
In related news, VP Marsha L. Hunt sold 500 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $126.26, for a total value of $63,130.00. Following the completion of the transaction, the vice president now owns 2,582 shares of the company’s stock, valued at $326,003.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Pat Ward sold 5,000 shares of the stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $122.50, for a total value of $612,500.00. Following the completion of the transaction, the chief financial officer now directly owns 8,024 shares of the company’s stock, valued at approximately $982,940. The disclosure for this sale can be found here. 0.57% of the stock is owned by insiders.
Cummins Company Profile
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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