People s United Financial Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 27.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,335 shares of the company’s stock after selling 26,914 shares during the quarter. People s United Financial Inc.’s holdings in Cummins were worth $9,355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. increased its position in Cummins by 8.9% during the 2nd quarter. D.A. Davidson & CO. now owns 40,778 shares of the company’s stock valued at $5,423,000 after purchasing an additional 3,322 shares during the period. Jacobs & Co. CA increased its position in Cummins by 8.2% during the 2nd quarter. Jacobs & Co. CA now owns 28,587 shares of the company’s stock valued at $3,802,000 after purchasing an additional 2,175 shares during the period. AdvisorNet Financial Inc increased its position in Cummins by 9.2% during the 2nd quarter. AdvisorNet Financial Inc now owns 5,278 shares of the company’s stock valued at $702,000 after purchasing an additional 443 shares during the period. South Street Advisors LLC increased its position in Cummins by 0.6% during the 1st quarter. South Street Advisors LLC now owns 59,366 shares of the company’s stock valued at $9,622,000 after purchasing an additional 360 shares during the period. Finally, M&T Bank Corp boosted its holdings in shares of Cummins by 9.7% during the 1st quarter. M&T Bank Corp now owns 231,372 shares of the company’s stock worth $37,503,000 after buying an additional 20,526 shares in the last quarter. 81.62% of the stock is owned by institutional investors.
A number of equities analysts have issued reports on the company. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th. TheStreet upgraded Cummins from a “c+” rating to a “b” rating in a report on Tuesday, May 1st. Argus cut their target price on Cummins to $175.00 and set a “buy” rating on the stock in a report on Friday, May 11th. They noted that the move was a valuation call. Bank of America increased their target price on Cummins from $154.00 to $157.00 and gave the stock a “neutral” rating in a report on Wednesday, August 1st. Finally, BMO Capital Markets cut their target price on Cummins from $180.00 to $170.00 and set a “market perform” rating on the stock in a report on Thursday, May 3rd. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. Cummins has a consensus rating of “Hold” and an average target price of $166.95.
In related news, VP Tracy A. Embree sold 462 shares of the stock in a transaction on Monday, August 6th. The stock was sold at an average price of $141.70, for a total value of $65,465.40. Following the completion of the sale, the vice president now directly owns 4,122 shares of the company’s stock, valued at approximately $584,087.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Alexis M. Herman sold 735 shares of the stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total value of $102,826.50. The disclosure for this sale can be found here. Corporate insiders own 0.67% of the company’s stock.
NYSE CMI opened at $143.35 on Friday. The firm has a market capitalization of $23.12 billion, a P/E ratio of 13.50, a P/E/G ratio of 0.81 and a beta of 1.11. Cummins Inc. has a 12 month low of $129.90 and a 12 month high of $194.18. The company has a quick ratio of 1.03, a current ratio of 1.61 and a debt-to-equity ratio of 0.19.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, July 31st. The company reported $3.32 EPS for the quarter, missing analysts’ consensus estimates of $3.63 by ($0.31). The company had revenue of $6.13 billion during the quarter, compared to analysts’ expectations of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.53 earnings per share. equities analysts expect that Cummins Inc. will post 14.94 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd will be given a $1.14 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.08. This represents a $4.56 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Tuesday, August 21st. Cummins’s dividend payout ratio is presently 40.68%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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