Palo Capital Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI) by 0.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,814 shares of the company’s stock after selling 45 shares during the period. Palo Capital Inc.’s holdings in Cummins were worth $1,916,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. UBS Asset Management Americas Inc. boosted its position in shares of Cummins by 4.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 565,129 shares of the company’s stock worth $77,236,000 after buying an additional 21,607 shares in the last quarter. Teachers Advisors LLC boosted its position in Cummins by 95.2% in the fourth quarter. Teachers Advisors LLC now owns 565,071 shares of the company’s stock valued at $77,228,000 after buying an additional 275,553 shares during the period. Kentucky Retirement Systems purchased a new position in Cummins during the fourth quarter valued at $1,529,000. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Cummins during the fourth quarter valued at $682,000. Finally, Highbridge Capital Management LLC boosted its position in Cummins by 296.1% in the fourth quarter. Highbridge Capital Management LLC now owns 18,373 shares of the company’s stock valued at $2,511,000 after buying an additional 13,734 shares during the period. Hedge funds and other institutional investors own 79.95% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded up 0.17% during mid-day trading on Monday, reaching $166.14. 1,045,478 shares of the company were exchanged. Cummins Inc. has a one year low of $116.02 and a one year high of $167.17. The stock has a 50 day moving average of $158.15 and a 200-day moving average of $150.20. The stock has a market capitalization of $27.80 billion, a price-to-earnings ratio of 19.05 and a beta of 1.08.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 2nd. The company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.55. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The company had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter last year, the business earned $1.87 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a dividend of $1.08 per share. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.60%. Cummins’s dividend payout ratio (DPR) is presently 46.96%.
Several research analysts recently weighed in on the stock. Piper Jaffray Companies restated a “hold” rating and set a $161.00 price target on shares of Cummins in a report on Wednesday, July 12th. Royal Bank Of Canada restated a “hold” rating and set a $166.00 price target on shares of Cummins in a report on Wednesday, July 12th. Barclays PLC set a $137.00 price target on shares of Cummins and gave the stock a “hold” rating in a report on Saturday, April 1st. Seaport Global Securities restated a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. Finally, Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $150.78.
In other news, COO Richard Joseph Freeland sold 22,550 shares of Cummins stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the sale, the chief operating officer now owns 14,131 shares in the company, valued at $2,331,615. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total transaction of $658,000.00. Following the sale, the insider now owns 41,902 shares in the company, valued at approximately $6,892,879. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 79,176 shares of company stock worth $12,900,695. 0.62% of the stock is owned by company insiders.
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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