American International Group Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 0.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,469,910 shares of the company’s stock after selling 1,162 shares during the quarter. Cummins comprises approximately 2.0% of American International Group Inc.’s investment portfolio, making the stock its 8th biggest holding. American International Group Inc. owned 2.08% of Cummins worth $562,889,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Carroll Financial Associates Inc. increased its stake in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after purchasing an additional 83 shares during the period. Captrust Financial Advisors acquired a new stake in shares of Cummins in the second quarter valued at approximately $137,000. Acrospire Investment Management LLC acquired a new stake in shares of Cummins in the second quarter valued at approximately $146,000. First Interstate Bank increased its stake in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after purchasing an additional 194 shares during the period. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $150,000. Institutional investors own 80.38% of the company’s stock.
A number of research firms recently commented on CMI. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $186.00 price objective on the stock in a research note on Friday, September 15th. Jefferies Group LLC reiterated a “hold” rating and set a $165.00 price objective (up previously from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. Stifel Nicolaus reiterated a “hold” rating and set a $168.00 price objective (up previously from $160.00) on shares of Cummins in a research note on Tuesday, August 8th. Piper Jaffray Companies reiterated a “hold” rating and set a $159.00 price objective on shares of Cummins in a research note on Thursday, August 3rd. Finally, Deutsche Bank AG lowered their price objective on shares of Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. Cummins presently has an average rating of “Hold” and a consensus target price of $161.15.
In related news, COO Richard Joseph Freeland sold 22,550 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the completion of the sale, the chief operating officer now directly owns 14,131 shares of the company’s stock, valued at $2,331,615. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Tony Satterthwaite sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total transaction of $658,000.00. Following the sale, the insider now directly owns 41,902 shares of the company’s stock, valued at $6,892,879. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,183 shares of company stock valued at $7,320,858. 0.62% of the stock is currently owned by insiders.
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Cummins Inc. (NYSE:CMI) traded up 0.3950% on Wednesday, reaching $168.1617. 199,078 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $158.40 and its 200 day moving average price is $157.01. The firm has a market capitalization of $28.08 billion, a PE ratio of 19.0078 and a beta of 1.10. Cummins Inc. has a 52-week low of $119.41 and a 52-week high of $170.68.
Cummins (NYSE:CMI) last posted 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 the consensus estimate 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 last year, the firm earned $2.40 earnings per share. On average, analysts predict that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.58%. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Wednesday, August 16th. Cummins’s payout ratio is 48.76%.
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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