Rothschild Asset Management Inc. bought a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 179,793 shares of the company’s stock, valued at approximately $29,166,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Pinnacle Bank purchased a new position in Cummins during the first quarter worth about $105,000. Carroll Financial Associates Inc. raised its position in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares during the period. Cohen Capital Management Inc. purchased a new position in Cummins during the first quarter worth about $121,000. First Interstate Bank raised its position in Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after buying an additional 194 shares during the period. Finally, Harbour Capital Advisors LLC purchased a new position in Cummins during the first quarter worth about $150,000. Institutional investors own 80.34% of the company’s stock.
Cummins Inc. (NYSE CMI) opened at 159.40 on Thursday. The firm has a market cap of $26.62 billion, a P/E ratio of 18.02 and a beta of 1.09. The stock’s 50 day moving average is $162.85 and its 200-day moving average is $155.12. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for 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 firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.40 earnings per share. Analysts forecast that Cummins Inc. will post $7.98 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.71%. This is a positive change 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 currently 46.28%.
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A number of research firms have issued reports on CMI. Piper Jaffray Companies restated a “hold” rating and issued a $159.00 target price on shares of Cummins in a report on Thursday, August 3rd. Stifel Nicolaus upped their target price on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. Jefferies Group LLC restated a “hold” rating and issued a $165.00 target price (up from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. Deutsche Bank AG reduced their target price on shares of Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a report on Wednesday, August 2nd. Finally, Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $177.00 target price on the stock in a report on Friday, August 4th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $156.21.
In related news, Director Georgia R. Nelson sold 1,086 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total value of $169,524.60. Following the transaction, the director now directly owns 16,512 shares of the company’s stock, valued at approximately $2,577,523.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Anant Talaulicar sold 1,650 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total value of $259,875.00. Following the completion of the transaction, the vice president now directly owns 13,029 shares in the company, valued at $2,052,067.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,336 shares of company stock valued at $9,793,667. 0.62% of the stock is owned by corporate insiders.
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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