Flinton Capital Management LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 34.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 93,296 shares of the company’s stock after selling 49,946 shares during the quarter. Flinton Capital Management LLC’s holdings in Cummins were worth $12,408,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently modified their holdings of the company. Gables Capital Management Inc. bought a new stake in Cummins during the first quarter worth about $115,000. Centaurus Financial Inc. bought a new stake in Cummins during the first quarter worth about $115,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in Cummins by 5,873.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after buying an additional 881 shares during the last quarter. McKinley Carter Wealth Services Inc. bought a new stake in Cummins during the first quarter worth about $146,000. Finally, Signaturefd LLC bought a new stake in Cummins during the first quarter worth about $159,000. 79.25% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Tracy A. Embree sold 462 shares of the stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $141.70, for a total value of $65,465.40. Following the transaction, the vice president now directly owns 4,122 shares in the company, valued at $584,087.40. The sale was disclosed in a document filed 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 that occurred on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total transaction of $102,826.50. The disclosure for this sale can be found here. Corporate insiders own 0.67% of the company’s stock.
Several brokerages have weighed in on CMI. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $148.00 price objective on the stock in a research note on Tuesday, July 3rd. Argus decreased their price objective on shares of Cummins to $175.00 and set a “buy” rating on the stock in a research note on Friday, May 11th. They noted that the move was a valuation call. Stifel Nicolaus upped their price objective on shares of Cummins from $160.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Oppenheimer reduced their target price on shares of Cummins from $168.00 to $192.00 and set an “outperform” rating on the stock in a research report on Monday, July 23rd. Finally, ValuEngine lowered shares of Cummins from a “sell” rating to a “strong sell” rating in a research report on Wednesday, June 13th. Four analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company. Cummins has a consensus rating of “Hold” and a consensus target price of $165.86.
Shares of CMI stock opened at $139.99 on Wednesday. Cummins Inc. has a 1 year low of $129.90 and a 1 year high of $194.18. The company has a market cap of $23.36 billion, a PE ratio of 13.18, a P/E/G ratio of 0.82 and a beta of 1.15. 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 (NYSE:CMI) last announced its quarterly earnings data on Tuesday, July 31st. The company reported $3.32 earnings per share for the quarter, missing the Thomson Reuters’ 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 business 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 earned $2.53 earnings per share. The company’s quarterly revenue was up 20.8% on a year-over-year basis. research analysts predict that Cummins Inc. will post 14.94 EPS for the current year.
The firm also recently disclosed 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 a positive change 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%.
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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