Nikko Asset Management Americas Inc. purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 18,500 shares of the company’s stock, valued at approximately $3,001,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. KBC Group NV increased its position in shares of Cummins by 1.1% in the second quarter. KBC Group NV now owns 104,023 shares of the company’s stock worth $16,875,000 after buying an additional 1,122 shares in the last quarter. Texas Yale Capital Corp. increased its position in shares of Cummins by 1.3% in the second quarter. Texas Yale Capital Corp. now owns 2,016 shares of the company’s stock worth $327,000 after buying an additional 25 shares in the last quarter. Ballentine Partners LLC bought a new position in shares of Cummins during the second quarter worth about $201,000. Legal & General Group Plc increased its position in shares of Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 935,022 shares of the company’s stock worth $151,677,000 after buying an additional 17,538 shares in the last quarter. Finally, Alps Advisors Inc. bought a new position in shares of Cummins during the second quarter worth about $349,000. Institutional investors and hedge funds own 80.66% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at 150.79 on Monday. Cummins Inc. has a 12 month low of $116.03 and a 12 month high of $170.68. The firm’s 50-day moving average price is $161.81 and its 200-day moving average price is $155.47. The firm has a market cap of $25.18 billion, a PE ratio of 17.04 and a beta of 1.09.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the company earned $2.40 EPS. The business’s revenue was up 12.1% on a year-over-year basis. Analysts expect that Cummins Inc. will post $7.98 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.86%. The ex-dividend date is Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 48.76%.
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A number of brokerages have recently issued reports on CMI. Stifel Nicolaus reiterated a “hold” rating and issued a $168.00 price target (up from $160.00) on shares of Cummins in a report on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) downgraded Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price target on the stock. in a report on Monday, August 7th. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $177.00 price target on the stock in a report on Friday, August 4th. Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 price target on shares of Cummins in a report on Thursday, August 3rd. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $165.00 price target (up from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. One research 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. The company presently has an average rating of “Hold” and a consensus target price of $156.21.
In other Cummins news, VP Anant Talaulicar sold 1,650 shares of the company’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 transaction, the vice president now owns 13,029 shares in the company, valued at $2,052,067.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the transaction, the director now owns 16,512 shares of the company’s stock, valued at approximately $2,577,523.20. The disclosure for this sale can be found here. Insiders sold 60,969 shares of company stock valued at $10,053,755 in the last 90 days. 0.62% of the stock is currently owned by insiders.
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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