Milestone Group Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,257 shares of the company’s stock, valued at approximately $204,000.
Several other hedge funds and other institutional investors have also modified their holdings of CMI. Pinnacle Bank acquired a new position in shares of Cummins during the first quarter valued at $105,000. World Asset Management Inc boosted its position in shares of Cummins by 10.1% in the first quarter. World Asset Management Inc now owns 16,701 shares of the company’s stock valued at $2,525,000 after buying an additional 1,528 shares in the last quarter. Private Trust Co. NA acquired a new position in shares of Cummins during the first quarter valued at $250,000. Alambic Investment Management L.P. boosted its position in shares of Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after buying an additional 16 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Cummins by 8.6% in the first quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock valued at $118,055,000 after buying an additional 62,046 shares in the last quarter. Institutional investors and hedge funds own 80.34% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) opened at 159.40 on Thursday. The firm has a 50-day moving average of $162.85 and a 200-day moving average of $155.12. The company has a market capitalization of $26.62 billion, a P/E ratio of 18.02 and a beta of 1.09. Cummins Inc. has a one year low of $116.03 and a one year high of $170.68.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Zacks’ consensus estimate 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%. Cummins’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company 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 given 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 dividend payout ratio is 46.28%.
CMI has been the topic of several analyst reports. Deutsche Bank AG reiterated a “sell” rating and set a $154.00 price target (up previously from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. Stifel Nicolaus reiterated a “hold” rating and set a $150.00 price target on shares of Cummins in a research note on Wednesday, April 12th. Wells Fargo & Company upgraded shares of Cummins from a “market perform” rating to an “outperform” rating in a research note on Monday, April 17th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Thursday, July 20th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $156.21.
In other news, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $676,000.00. Following the completion of the sale, the insider now directly owns 41,902 shares in the company, valued at $7,081,438. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Anant Talaulicar sold 1,650 shares of the stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total transaction of $259,875.00. Following the completion of the sale, the vice president now owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The disclosure for this sale can be found here. Insiders sold 59,336 shares of company stock valued at $9,793,667 over the last quarter. Company 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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