Kistler Tiffany Companies LLC raised its stake in Cummins Inc. (NYSE:CMI) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 2,921 shares of the company’s stock after buying an additional 2 shares during the period. Kistler Tiffany Companies LLC’s holdings in Cummins were worth $474,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Pinnacle Bank acquired a new position in shares of Cummins during the first quarter valued at approximately $105,000. World Asset Management Inc increased its position in 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 purchased a new position in Cummins during the first quarter valued at about $250,000. Alambic Investment Management L.P. increased its position in 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 increased its position in 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. 80.34% of the stock is owned by hedge funds and other institutional investors.
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 company has a market capitalization of $26.62 billion, a PE ratio of 18.02 and a beta of 1.09. The firm’s 50 day moving average price is $162.85 and its 200-day moving average price is $155.12.
Cummins (NYSE:CMI) last posted its 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. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the firm posted $2.40 earnings per share. Cummins’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal 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 paid a dividend of $1.08 per share. The ex-dividend date is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a dividend yield of 2.71%. Cummins’s payout ratio is 46.28%.
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CMI has been the subject of several recent research reports. Deutsche Bank AG reaffirmed a “sell” rating and issued a $154.00 price objective (up previously from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $166.00 price objective on shares of Cummins in a research note on Monday, June 5th. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $159.00 price objective on shares of Cummins in a research note on Thursday, August 3rd. Finally, Stifel Nicolaus upped their price objective on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $156.21.
In other news, VP Anant Talaulicar sold 1,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total transaction of $259,875.00. Following the transaction, the vice president now directly owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $845,000.00. Following the completion of the sale, the chief financial officer now directly owns 245 shares in the company, valued at $41,405. The disclosure for this sale can be found here. Insiders have sold 59,336 shares of company stock worth $9,793,667 over the last three months. 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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