Walter & Keenan Financial Consulting Co. MI ADV lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 14.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,640 shares of the company’s stock after selling 460 shares during the quarter. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in Cummins were worth $351,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. Centaurus Financial Inc. acquired a new position in Cummins during the 1st quarter valued at about $115,000. Gables Capital Management Inc. acquired a new position in Cummins during the 1st quarter valued at about $115,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in Cummins by 5,873.3% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock valued at $119,000 after purchasing an additional 881 shares during the period. McKinley Carter Wealth Services Inc. acquired a new position in Cummins during the 1st quarter valued at about $146,000. Finally, MHI Funds LLC acquired a new position in Cummins during the 2nd quarter valued at about $147,000. 80.04% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Alexis M. Herman sold 735 shares of the stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $139.90, for a total transaction of $102,826.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Tracy A. Embree sold 462 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 4,122 shares of the company’s stock, 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.
Shares of NYSE:CMI traded down $0.43 during mid-day trading on Tuesday, reaching $144.96. The stock had a trading volume of 8,525 shares, compared to its average volume of 1,443,074. The company has a market capitalization of $23.62 billion, a price-to-earnings ratio of 13.70, a P/E/G ratio of 0.83 and a beta of 1.11. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.61 and a quick ratio of 1.03. Cummins Inc. has a twelve month low of $129.90 and a twelve month high of $194.18.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.63 by ($0.31). Cummins had a return on equity of 26.30% and a net margin of 4.67%. The business had revenue of $6.13 billion for the quarter, compared to the consensus estimate of $5.81 billion. During the same period in the previous year, the company posted $2.53 earnings per share. Cummins’s revenue for the quarter was up 20.8% compared to the same quarter last year. equities research analysts expect that Cummins Inc. will post 14.95 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd will be paid a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 3.15%. This is a boost from Cummins’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend is Tuesday, August 21st. Cummins’s dividend payout ratio is presently 40.68%.
CMI has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Citigroup cut their target price on shares of Cummins from $160.00 to $150.00 and set a “neutral” rating on the stock in a research report on Monday, June 25th. Wells Fargo & Co set a $158.00 target price on shares of Cummins and gave the company a “hold” rating in a research report on Wednesday, August 1st. UBS Group downgraded shares of Cummins from a “neutral” rating to a “sell” rating and set a $136.00 target price on the stock. in a research report on Tuesday, May 1st. Finally, Stifel Nicolaus cut their target price on shares of Cummins from $180.00 to $174.00 and set a “hold” rating on the stock in a research report on Wednesday, May 2nd. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $166.95.
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.
Read More: Tariff
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.