Cardinal Capital Management maintained its position in Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel reports. The fund owned 3,980 shares of the company’s stock at the end of the second quarter. Cardinal Capital Management’s holdings in Cummins were worth $646,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in CMI. Macquarie Group Ltd. boosted its position in Cummins by 49.2% in the fourth quarter. Macquarie Group Ltd. now owns 9,400 shares of the company’s stock worth $1,285,000 after buying an additional 3,100 shares in the last quarter. Gulf International Bank UK Ltd boosted its position in Cummins by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 51,801 shares of the company’s stock worth $7,832,000 after buying an additional 500 shares in the last quarter. Baker Boyer National Bank boosted its position in Cummins by 7.3% in the first quarter. Baker Boyer National Bank now owns 4,400 shares of the company’s stock worth $665,000 after buying an additional 300 shares in the last quarter. Bank of Montreal Can boosted its position in Cummins by 45.3% in the first quarter. Bank of Montreal Can now owns 911,086 shares of the company’s stock worth $137,758,000 after buying an additional 284,091 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. boosted its position in Cummins by 4.9% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 2,974 shares of the company’s stock worth $450,000 after buying an additional 138 shares in the last quarter. 80.34% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE CMI) opened at 159.40 on Thursday. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $170.68. The stock has a 50 day moving average of $162.85 and a 200 day moving average of $155.12. The company has a market cap of $26.62 billion, a price-to-earnings ratio of 18.02 and a beta of 1.09.
Cummins (NYSE:CMI) last announced its 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 business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.40 earnings per share. Analysts forecast that Cummins Inc. will post $7.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.71%. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. Cummins’s payout ratio is presently 46.28%.
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CMI has been the subject of a number of recent analyst reports. Stifel Nicolaus reaffirmed a “hold” rating and set a $150.00 price target on shares of Cummins in a research note on Wednesday, April 12th. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $167.00 price target for the company in a research note on Wednesday, April 12th. Wells Fargo & Company raised shares of Cummins from a “market perform” rating to an “outperform” rating in a research note on Monday, April 17th. Piper Jaffray Companies cut shares of Cummins from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $160.00 to $144.00 in a research note on Tuesday, April 18th. Finally, Barclays PLC boosted their price objective on shares of Cummins from $137.00 to $144.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. Cummins has a consensus rating of “Hold” and an average price target of $156.21.
In other news, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $676,000.00. Following the transaction, the insider now directly owns 41,902 shares of the company’s stock, valued at approximately $7,081,438. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Georgia R. Nelson sold 1,086 shares of Cummins stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the transaction, the director now directly owns 16,512 shares in the company, valued at $2,577,523.20. The disclosure for this sale can be found here. Insiders sold a total of 59,336 shares of company stock worth $9,793,667 over the last ninety days. Corporate insiders own 0.62% of the company’s stock.
Cummins Company Profile
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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