Supplemental Annuity Collective Trust of NJ decreased its position in shares of Cummins Inc. (NYSE:CMI) by 37.5% during the second quarter, Holdings Channel reports. The fund owned 3,000 shares of the company’s stock after selling 1,803 shares during the period. Supplemental Annuity Collective Trust of NJ’s holdings in Cummins were worth $487,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Cummins by 39.0% in the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock worth $303,309,000 after buying an additional 563,279 shares during the period. Vanguard Group Inc. raised its stake in shares of Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares during the period. UBS Group AG raised its stake in shares of Cummins by 118.2% in the first quarter. UBS Group AG now owns 755,368 shares of the company’s stock worth $114,211,000 after buying an additional 409,168 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock worth $398,200,000 after buying an additional 402,929 shares during the period. 80.34% of the stock is owned by institutional investors.
Cummins Inc. (NYSE CMI) opened at 155.83 on Friday. The firm has a market capitalization of $26.02 billion, a price-to-earnings ratio of 17.61 and a beta of 1.09. The stock’s 50 day moving average price is $162.75 and its 200 day moving average price is $155.12. Cummins Inc. has a 52-week low of $116.03 and a 52-week high of $170.68.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the consensus estimate of $2.58 by $0.05. The company 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 company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.40 EPS. On average, equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a $1.08 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.77%. Cummins’s dividend payout ratio is presently 46.28%.
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A number of analysts have recently weighed in on the company. Barclays PLC raised their target price on Cummins from $137.00 to $144.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. Deutsche Bank AG raised their target price on Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a research note on Tuesday, July 4th. ValuEngine lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Thursday, July 20th. Finally, Wells Fargo & Company upgraded Cummins from a “market perform” rating to an “outperform” rating in a research note on Monday, April 17th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $156.21.
In other news, Director Georgia R. Nelson sold 1,086 shares of the stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $156.10, for a total value of $169,524.60. Following the completion of the sale, the director now owns 16,512 shares of the company’s stock, valued at $2,577,523.20. The sale was disclosed in a legal filing with the SEC, which is available at 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 value of $259,875.00. Following the completion of the sale, the vice president now directly owns 13,029 shares of the company’s stock, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. In the last three months, insiders sold 60,969 shares of company stock valued at $10,053,755. 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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