MML Investors Services LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 2.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,709 shares of the company’s stock after selling 415 shares during the quarter. MML Investors Services LLC’s holdings in Cummins were worth $3,548,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. OLD Second National Bank of Aurora lifted its stake in shares of Cummins by 1.1% in the 2nd quarter. OLD Second National Bank of Aurora now owns 13,629 shares of the company’s stock valued at $2,335,000 after purchasing an additional 148 shares during the period. Autus Asset Management LLC lifted its stake in shares of Cummins by 5.6% in the 2nd quarter. Autus Asset Management LLC now owns 2,828 shares of the company’s stock valued at $485,000 after purchasing an additional 150 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of Cummins in the 2nd quarter valued at about $51,000. Swiss National Bank lifted its stake in shares of Cummins by 1.1% in the 1st quarter. Swiss National Bank now owns 509,719 shares of the company’s stock valued at $80,469,000 after purchasing an additional 5,300 shares during the period. Finally, Chicago Equity Partners LLC lifted its stake in shares of Cummins by 1.9% in the 2nd quarter. Chicago Equity Partners LLC now owns 4,185 shares of the company’s stock valued at $717,000 after purchasing an additional 80 shares during the period. 82.34% of the stock is currently owned by institutional investors.
Shares of CMI stock traded up $0.94 on Friday, reaching $165.99. The company’s stock had a trading volume of 401,554 shares, compared to its average volume of 1,295,644. The company has a market capitalization of $26.39 billion, a P/E ratio of 12.55, a PEG ratio of 1.29 and a beta of 1.16. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.18. Cummins Inc. has a 12-month low of $124.40 and a 12-month high of $175.91. The stock’s 50 day simple moving average is $154.27 and its 200-day simple moving average is $160.72.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st were issued a $1.311 dividend. The ex-dividend date was Tuesday, August 20th. This is a positive change from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 annualized dividend and a yield of 3.16%. Cummins’s dividend payout ratio (DPR) is 39.61%.
CMI has been the topic of a number of recent analyst reports. Loop Capital downgraded Cummins from a “hold” rating to a “sell” rating and dropped their price objective for the company from $168.00 to $145.00 in a research note on Tuesday, July 2nd. Evercore ISI reissued an “in-line” rating and issued a $169.00 price objective (up from $163.00) on shares of Cummins in a research note on Friday, May 31st. Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. Wells Fargo & Co dropped their price target on Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a research note on Monday, June 3rd. Finally, Morgan Stanley dropped their price target on Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. Cummins has an average rating of “Hold” and a consensus price target of $166.67.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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