Janus Henderson Group PLC lowered its position in Cummins Inc. (NYSE:CMI) by 17.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 545,336 shares of the company’s stock after selling 113,075 shares during the quarter. Janus Henderson Group PLC owned 0.33% of Cummins worth $72,531,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the business. Centaurus Financial Inc. acquired a new position in shares of Cummins in the 1st quarter worth approximately $115,000. Gables Capital Management Inc. acquired a new stake in Cummins during the 1st quarter valued at $115,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings 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 in the last quarter. McKinley Carter Wealth Services Inc. acquired a new stake in Cummins during the 1st quarter valued at $146,000. Finally, MHI Funds LLC acquired a new stake in Cummins during the 2nd quarter valued at $147,000. Institutional investors own 79.42% of the company’s stock.
CMI has been the subject of a number of recent analyst reports. Standpoint Research raised Cummins from a “hold” rating to a “buy” rating in a report on Monday, June 18th. JPMorgan Chase & Co. cut Cummins from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $156.00 to $137.00 in a report on Friday, August 24th. Stifel Nicolaus raised their price target on Cummins from $160.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, August 1st. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a report on Monday, August 27th. Finally, Wells Fargo & Co set a $158.00 price target on Cummins and gave the company a “hold” rating in a report on Wednesday, August 1st. Four research analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the company. Cummins presently has a consensus rating of “Hold” and a consensus target price of $165.86.
CMI stock opened at $142.44 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.61. The stock has a market cap of $23.36 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 0.82 and a beta of 1.15. Cummins Inc. has a 1-year low of $129.90 and a 1-year high of $194.18.
Cummins (NYSE:CMI) last posted its earnings results 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). The business had revenue of $6.13 billion for the quarter, compared to the consensus estimate of $5.81 billion. Cummins had a return on equity of 26.30% and a net margin of 4.67%. The business’s revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.53 earnings per share. analysts predict that Cummins Inc. will post 14.94 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 22nd were paid a $1.14 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend was Tuesday, August 21st. This represents a $4.56 annualized dividend and a dividend yield of 3.20%. Cummins’s dividend payout ratio (DPR) is currently 42.94%.
In related news, Director Alexis M. Herman sold 735 shares of Cummins stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $139.90, for a total value of $102,826.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Tracy A. Embree sold 462 shares of Cummins stock in a transaction dated Monday, August 6th. The shares were 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 in the company, valued at approximately $584,087.40. The disclosure for this sale can be found here. Company insiders own 0.62% of the company’s stock.
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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