LS Investment Advisors LLC reduced its position in Cummins Inc. (NYSE:CMI) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,504 shares of the company’s stock after selling 28 shares during the period. LS Investment Advisors LLC’s holdings in Cummins were worth $844,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP raised its position 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 raised its position in Cummins by 2.7% in the first quarter. Legal & General Group Plc now owns 834,870 shares of the company’s stock worth $91,782,000 after buying an additional 21,806 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in Cummins during the first quarter worth approximately $1,261,000. NN Investment Partners Holdings N.V. raised its position in Cummins by 7.8% in the second quarter. NN Investment Partners Holdings N.V. now owns 54,312 shares of the company’s stock worth $6,107,000 after buying an additional 3,939 shares during the last quarter. Finally, Americafirst Capital Management LLC bought a new position in Cummins during the second quarter worth approximately $139,000. 81.36% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE:CMI) traded down 0.07% during mid-day trading on Wednesday, hitting $127.77. 1,341,040 shares of the stock traded hands. The firm has a 50 day moving average of $123.29 and a 200 day moving average of $117.66. The company has a market cap of $21.47 billion, a P/E ratio of 17.50 and a beta of 1.46. Cummins Inc. has a 12 month low of $79.88 and a 12 month high of $131.04.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.25. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The company had revenue of $4.50 billion for the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the previous year, the firm earned $2.62 earnings per share. Cummins’s quarterly revenue was down 9.7% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post $8.14 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be paid a dividend of $1.025 per share. The ex-dividend date is Thursday, November 17th. This is an increase from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 dividend on an annualized basis and a yield of 3.21%. Cummins’s payout ratio is 55.93%.
CMI has been the subject of a number of analyst reports. Deutsche Bank AG initiated coverage on Cummins in a report on Tuesday, September 6th. They issued a “sell” rating and a $111.00 price target for the company. Credit Agricole SA initiated coverage on Cummins in a report on Friday, September 30th. They issued a “buy” rating and a $150.00 price target for the company. Citigroup Inc. raised their price target on Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. BMO Capital Markets reaffirmed a “market perform” rating and issued a $114.00 price target on shares of Cummins in a report on Monday, September 12th. Finally, Jefferies Group reiterated a “hold” rating and issued a $115.00 price objective on shares of Cummins in a research report on Thursday, July 7th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $114.89.
In other Cummins news, insider Jill E. Cook sold 5,981 shares of Cummins stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $120.20, for a total transaction of $718,916.20. Following the transaction, the insider now directly owns 24,800 shares of the company’s stock, valued at $2,980,960. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $127.50, for a total transaction of $637,500.00. Following the transaction, the chief financial officer now directly owns 3,024 shares in the company, valued at $385,560. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
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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