Sigma Planning Corp boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 3.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,131 shares of the company’s stock after buying an additional 109 shares during the period. Sigma Planning Corp’s holdings in Cummins were worth $508,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of the stock. State Street Corp increased its stake in shares of Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after buying an additional 61,286 shares during the last quarter. Vanguard Group Inc. increased its stake 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. 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 worth $1,543,924,000 after buying an additional 9,867,890 shares during the last quarter. American International Group Inc. increased its stake in shares of Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after buying an additional 59,401 shares during the last quarter. Finally, American Century Companies Inc. increased its stake 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. Institutional investors and hedge funds own 80.66% of the company’s stock.
Cummins Inc. (NYSE CMI) opened at 151.28 on Friday. The firm has a market cap of $25.26 billion, a PE ratio of 17.10 and a beta of 1.09. Cummins Inc. has a one year low of $116.03 and a one year high of $170.68. The firm’s 50 day moving average price is $162.07 and its 200-day moving average price is $155.44.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. Cummins’s revenue was up 12.1% compared to the same quarter last year. During the same period last year, the firm earned $2.40 EPS. Equities analysts predict that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a dividend of $1.08 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.86%. Cummins’s payout ratio is 48.76%.
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A number of analysts have recently commented on CMI shares. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Stifel Nicolaus upped their target price on Cummins from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Thursday, June 15th. Deutsche Bank AG restated a “sell” rating and issued a $154.00 target price (up previously from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $166.00 target price on shares of Cummins in a research note on Monday, June 5th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $156.21.
In other news, Director Georgia R. Nelson sold 1,086 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total transaction of $169,524.60. Following the sale, the director now owns 16,512 shares of the company’s stock, valued at approximately $2,577,523.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Anant Talaulicar sold 1,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total value of $259,875.00. Following the sale, the vice president now directly owns 13,029 shares in the company, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. Insiders have sold a total of 60,969 shares of company stock worth $10,053,755 in the last three months. Corporate 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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