First Western Capital Management Co lifted its position in shares of Cummins Inc. (NYSE:CMI) by 22.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,997 shares of the company’s stock after buying an additional 724 shares during the period. Cummins makes up about 2.4% of First Western Capital Management Co’s holdings, making the stock its 23rd biggest holding. First Western Capital Management Co’s holdings in Cummins were worth $532,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in CMI. Wells Fargo & Company MN increased its holdings in shares of Cummins by 19.4% during the 1st quarter. Wells Fargo & Company MN now owns 1,972,366 shares of the company’s stock worth $319,699,000 after buying an additional 320,872 shares during the last quarter. Commerzbank Aktiengesellschaft FI acquired a new stake in shares of Cummins during the 1st quarter worth $476,000. Alps Advisors Inc. increased its holdings in shares of Cummins by 70.6% during the 1st quarter. Alps Advisors Inc. now owns 5,220 shares of the company’s stock worth $846,000 after buying an additional 2,161 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Cummins by 39.8% during the 1st quarter. SG Americas Securities LLC now owns 26,615 shares of the company’s stock worth $4,314,000 after buying an additional 7,579 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of Cummins by 29.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 81,828 shares of the company’s stock worth $13,296,000 after buying an additional 18,577 shares during the last quarter. Institutional investors and hedge funds own 79.25% of the company’s stock.
Shares of NYSE CMI opened at $139.99 on Wednesday. Cummins Inc. has a 12-month low of $129.90 and a 12-month high of $194.18. The firm has a market capitalization of $23.36 billion, a P/E ratio of 13.18, a P/E/G ratio of 0.82 and a beta of 1.15. 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 (NYSE:CMI) last announced its quarterly earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.63 by ($0.31). Cummins had a net margin of 4.67% and a return on equity of 26.30%. The company had revenue of $6.13 billion during the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the prior year, the company posted $2.53 earnings per share. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. analysts forecast that Cummins Inc. will post 14.94 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd were issued a $1.14 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.08. This represents a $4.56 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend was Tuesday, August 21st. Cummins’s dividend payout ratio is currently 42.94%.
A number of analysts have recently commented on the company. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th. Bank of America upped their price objective on Cummins from $154.00 to $157.00 and gave the stock a “neutral” rating in a report on Wednesday, August 1st. Argus dropped their price objective on Cummins to $175.00 and set a “buy” rating for the company in a report on Friday, May 11th. They noted that the move was a valuation call. Citigroup dropped their price objective on Cummins from $160.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, June 25th. Finally, Mizuho assumed coverage on Cummins in a report on Friday, June 29th. They set a “neutral” rating and a $150.00 price objective for the company. Four equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $165.86.
In other Cummins 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 transaction, 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.
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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