CIBC World Markets Inc. boosted its position in Cummins Inc. (NYSE:CMI) by 65.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,523 shares of the company’s stock after buying an additional 13,600 shares during the period. CIBC World Markets Inc.’s holdings in Cummins were worth $4,592,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Wells Fargo & Company MN boosted its stake in Cummins by 19.4% in the 1st quarter. Wells Fargo & Company MN now owns 1,972,366 shares of the company’s stock worth $319,699,000 after purchasing an additional 320,872 shares during the period. FTB Advisors Inc. boosted its stake in Cummins by 6.7% in the 1st quarter. FTB Advisors Inc. now owns 18,792 shares of the company’s stock worth $3,048,000 after purchasing an additional 1,185 shares during the period. Rhumbline Advisers boosted its stake in Cummins by 0.6% in the 1st quarter. Rhumbline Advisers now owns 336,367 shares of the company’s stock worth $54,522,000 after purchasing an additional 1,994 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its stake in Cummins by 17.6% in the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 41,936 shares of the company’s stock worth $6,667,000 after purchasing an additional 6,291 shares during the period. Finally, Weybosset Research & Management LLC boosted its stake in Cummins by 1.7% in the 1st quarter. Weybosset Research & Management LLC now owns 38,720 shares of the company’s stock worth $6,276,000 after purchasing an additional 641 shares during the period. Hedge funds and other institutional investors own 81.62% of the company’s stock.
Shares of NYSE:CMI opened at $143.35 on Monday. The company has a current ratio of 1.61, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19. Cummins Inc. has a one year low of $129.90 and a one year high of $194.18. The stock has a market cap of $23.12 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 0.81 and a beta of 1.11.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $3.63 by ($0.31). The firm had revenue of $6.13 billion during the quarter, compared to the consensus estimate of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. The firm’s revenue for the quarter 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 forecast that Cummins Inc. will post 14.94 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Wednesday, August 22nd will be issued a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a dividend yield of 3.18%. This is a boost from Cummins’s previous quarterly dividend of $1.08. The ex-dividend date is Tuesday, August 21st. Cummins’s dividend payout ratio is presently 40.68%.
CMI has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 4th. Citigroup reduced their target price on shares of Cummins from $160.00 to $150.00 and set a “neutral” rating for the company in a research note on Monday, June 25th. Wells Fargo & Co set a $158.00 target price on shares of Cummins and gave the stock a “hold” rating in a research note on Wednesday, August 1st. UBS Group lowered shares of Cummins from a “neutral” rating to a “sell” rating and set a $136.00 target price for the company. in a research note on Tuesday, May 1st. Finally, Stifel Nicolaus reduced their target price on shares of Cummins from $180.00 to $174.00 and set a “hold” rating for the company in a research note on Wednesday, May 2nd. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $166.95.
In other news, Director Alexis M. Herman sold 735 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $139.90, for a total value of $102,826.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Tracy A. Embree sold 462 shares of the company’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $141.70, for a total transaction of $65,465.40. Following the completion of the sale, the vice president now directly owns 4,122 shares in the company, valued at $584,087.40. The disclosure for this sale can be found here. 0.67% of the stock is currently owned by corporate insiders.
Cummins Company Profile
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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