Coastline Trust Co maintained its stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,610 shares of the company’s stock at the end of the 2nd quarter. Coastline Trust Co’s holdings in Cummins were worth $910,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Johanson Financial Advisors Inc. grew its holdings in Cummins by 0.4% during the 2nd quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after buying an additional 7 shares in the last quarter. Good Life Advisors LLC grew its holdings in Cummins by 0.6% during the 2nd quarter. Good Life Advisors LLC now owns 1,481 shares of the company’s stock valued at $243,000 after buying an additional 9 shares in the last quarter. Northwest Quadrant Wealth Management LLC grew its holdings in Cummins by 0.5% during the 2nd quarter. Northwest Quadrant Wealth Management LLC now owns 2,251 shares of the company’s stock valued at $360,000 after buying an additional 11 shares in the last quarter. Bessemer Group Inc. grew its holdings in Cummins by 1.1% during the 2nd quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock valued at $187,000 after buying an additional 12 shares in the last quarter. Finally, Alambic Investment Management L.P. grew its holdings in Cummins by 0.7% during the 1st 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. 80.43% of the stock is owned by institutional investors and hedge funds.
In other Cummins news, COO Richard Joseph Freeland sold 22,550 shares of the company’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $165.00, for a total value of $3,720,750.00. Following the completion of the sale, the chief operating officer now directly owns 14,131 shares in the company, valued at approximately $2,331,615. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Pat Ward sold 14,050 shares of the company’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the completion of the sale, the chief financial officer now owns 13,395 shares of the company’s stock, valued at $2,196,110.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 58,233 shares of company stock valued at $9,624,355. 0.62% of the stock is owned by company insiders.
Cummins Inc. (NYSE CMI) opened at 165.105 on Tuesday. Cummins Inc. has a 1-year low of $116.87 and a 1-year high of $170.68. The stock has a market capitalization of $27.57 billion, a price-to-earnings ratio of 18.662 and a beta of 1.10. The firm’s 50-day moving average is $158.29 and its 200 day moving average is $156.27.
Cummins (NYSE:CMI) last issued 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. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations 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 previous year, the company earned $2.40 earnings per share. Equities analysts anticipate that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were issued a $1.08 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Wednesday, August 16th. Cummins’s dividend payout ratio is presently 48.76%.
TRADEMARK VIOLATION NOTICE: This story was published by Ticker Report and is the sole property of of Ticker Report. If you are viewing this story on another domain, it was illegally copied and reposted in violation of United States and international copyright and trademark laws. The original version of this story can be accessed at https://www.tickerreport.com/banking-finance/2886386/coastline-trust-co-holds-holdings-in-cummins-inc-cmi.html.
A number of equities research analysts have issued reports on the stock. Deutsche Bank AG increased their price objective on shares of Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a report on Tuesday, July 4th. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Jefferies Group LLC reaffirmed a “hold” rating and set a $165.00 price objective on shares of Cummins in a report on Thursday, September 7th. ValuEngine lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Goldman Sachs Group, Inc. (The) lowered shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective for the company. in a report on Monday, August 7th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $160.58.
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.
Receive News & Ratings for Cummins Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins Inc. and related companies with MarketBeat.com's FREE daily email newsletter.