Welch Group LLC maintained its stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the SEC. The fund owned 1,100 shares of the company’s stock at the end of the second quarter. Welch Group LLC’s holdings in Cummins were worth $124,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. First Manhattan Co. boosted its position in Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock worth $107,000 after buying an additional 71 shares in the last quarter. Kanaly Trust Co boosted its position in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock worth $125,000 after buying an additional 34 shares in the last quarter. FCM Investments TX boosted its position in Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock worth $135,000 after buying an additional 300 shares in the last quarter. Americafirst Capital Management LLC acquired a new position in Cummins during the second quarter worth about $139,000. Finally, Checchi Capital Advisers LLC boosted its position in Cummins by 6.8% in the second quarter. Checchi Capital Advisers LLC now owns 1,280 shares of the company’s stock worth $144,000 after buying an additional 82 shares in the last quarter. Institutional investors own 81.36% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded down 0.43% during midday trading on Tuesday, hitting $127.31. The stock had a trading volume of 1,104,211 shares. The company’s 50 day moving average is $122.87 and its 200 day moving average is $116.87. Cummins Inc. has a 52 week low of $79.88 and a 52 week high of $129.26. The firm has a market cap of $21.39 billion, a P/E ratio of 17.44 and a beta of 1.46.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.25. The business earned $4.50 billion during the quarter, compared to the consensus estimate of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. The firm’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.62 earnings per share. On average, equities analysts predict that Cummins Inc. will post $8.14 earnings per share for the current fiscal year.
A number of research analysts recently issued reports on CMI shares. Credit Agricole SA started coverage on Cummins in a report on Friday. They issued a “buy” rating and a $150.00 price target for the company. Jefferies Group reissued a “hold” rating and set a $115.00 price objective on shares of Cummins in a report on Thursday, July 7th. Deutsche Bank AG started coverage on Cummins in a report on Tuesday, September 6th. They set a “sell” rating and a $111.00 price objective for the company. Standpoint Research cut Cummins from a “buy” rating to a “hold” rating in a report on Thursday, July 14th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $114.00 price objective on shares of Cummins in a report on Monday, September 12th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $111.35.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 27th. The stock was sold at an average price of $122.50, for a total value of $612,500.00. Following the completion of the sale, the chief financial officer now owns 8,024 shares of the company’s stock, valued at $982,940. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Marsha L. Hunt sold 500 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $126.26, for a total value of $63,130.00. Following the completion of the sale, the vice president now directly owns 2,582 shares of the company’s stock, valued at approximately $326,003.32. The disclosure for this sale can be found here. 0.57% of the stock is owned by company insiders.
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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