Rothschild Investment Corp IL lowered its position in shares of Cummins Inc. (NYSE:CMI) by 12.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,979 shares of the company’s stock after selling 1,332 shares during the period. Rothschild Investment Corp IL’s holdings in Cummins were worth $1,457,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Cummins by 39.0% in the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock worth $303,309,000 after buying an additional 563,279 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares during the last quarter. UBS Group AG boosted its position in shares of Cummins by 118.2% in the first quarter. UBS Group AG now owns 755,368 shares of the company’s stock worth $114,211,000 after buying an additional 409,168 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock worth $398,200,000 after buying an additional 402,929 shares during the last quarter. Hedge funds and other institutional investors own 80.34% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) traded down 0.26% during trading on Wednesday, hitting $159.40. The stock had a trading volume of 1,127,431 shares. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68. The stock’s 50-day moving average price is $163.27 and its 200 day moving average price is $154.51. The firm has a market capitalization of $26.62 billion, a P/E ratio of 18.02 and a beta of 1.09.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.40 EPS. On average, analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 2.71%. The ex-dividend date is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is 46.28%.
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A number of equities analysts have issued reports on the company. Stifel Nicolaus reaffirmed a “hold” rating and issued a $168.00 target price (up previously from $160.00) on shares of Cummins in a report on Tuesday. Goldman Sachs Group, Inc. (The) cut Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price target for the company. in a research note on Monday. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $177.00 price target for the company in a research note on Friday, August 4th. Piper Jaffray Companies restated a “hold” rating and set a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Finally, Jefferies Group LLC restated a “hold” rating and set a $165.00 target price (up previously from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $156.21.
In other news, VP Anant Talaulicar sold 1,650 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total value of $259,875.00. Following the completion of the sale, the vice president now owns 13,029 shares in the company, valued at approximately $2,052,067.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $676,000.00. Following the completion of the sale, the insider now owns 41,902 shares of the company’s stock, valued at approximately $7,081,438. The disclosure for this sale can be found here. Insiders sold a total of 59,336 shares of company stock valued at $9,793,667 in the last 90 days. Company insiders own 0.62% of the company’s stock.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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