Ajo LP increased its holdings in Cummins Inc. (NYSE:CMI) by 11,096.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,149,856 shares of the company’s stock after purchasing an additional 1,139,586 shares during the quarter. Ajo LP owned 0.69% of Cummins worth $186,530,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Carroll Financial Associates Inc. raised its position in Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after purchasing an additional 83 shares during the period. First Interstate Bank raised its position in Cummins by 26.3% in the 1st quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after purchasing an additional 194 shares during the period. Harbour Capital Advisors LLC purchased a new position in Cummins in the 1st quarter worth $150,000. Horrell Capital Management Inc. purchased a new position in Cummins in the 2nd quarter worth $164,000. Finally, Pathstone Family Office LLC purchased a new position in Cummins in the 1st quarter worth $153,000. Institutional investors own 80.43% of the company’s stock.
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A number of equities analysts recently commented on the stock. ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Royal Bank Of Canada reiterated a “hold” rating and issued a $166.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Piper Jaffray Companies reiterated a “hold” rating and issued a $161.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Cummins in a research report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company’s stock. Cummins has a consensus rating of “Hold” and a consensus price target of $160.58.
Shares of Cummins Inc. (NYSE CMI) traded up 0.52% during midday trading on Monday, hitting $163.67. 198,817 shares of the stock were exchanged. The firm has a 50 day moving average of $158.29 and a 200-day moving average of $156.22. Cummins Inc. has a 12 month low of $116.30 and a 12 month high of $170.68. The stock has a market cap of $27.33 billion, a P/E ratio of 18.50 and a beta of 1.10.
Cummins (NYSE:CMI) last posted 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 company had revenue of $5.08 billion during 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%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business earned $2.40 EPS. Equities research analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 2.65%. The ex-dividend date was Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is currently 48.76%.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the transaction, the director now owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Pat Ward sold 14,050 shares of the firm’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $163.95, for a total transaction of $2,303,497.50. Following the completion of the transaction, the chief financial officer now directly owns 13,395 shares in the company, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. Insiders sold a total of 58,233 shares of company stock worth $9,624,355 in the last ninety days. 0.62% of the stock is currently owned by insiders.
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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