Voya Investment Management LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 2.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 86,887 shares of the company’s stock after purchasing an additional 2,105 shares during the quarter. Voya Investment Management LLC owned about 0.05% of Cummins worth $11,556,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in CMI. Gables Capital Management Inc. purchased a new stake in Cummins during the first quarter worth approximately $115,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in Cummins by 5,873.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after buying an additional 881 shares during the period. McKinley Carter Wealth Services Inc. purchased a new stake in Cummins during the first quarter worth approximately $146,000. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Cummins by 198.3% during the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,023 shares of the company’s stock worth $165,000 after buying an additional 680 shares during the period. Finally, Wealthcare Advisory Partners LLC grew its stake in Cummins by 68.7% during the first quarter. Wealthcare Advisory Partners LLC now owns 1,041 shares of the company’s stock worth $169,000 after buying an additional 424 shares during the period. Hedge funds and other institutional investors own 79.26% of the company’s stock.
Several equities research analysts have issued reports on CMI shares. Standpoint Research upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Monday, June 18th. Citigroup decreased their price objective on shares of Cummins from $160.00 to $150.00 and set a “neutral” rating for the company in a research note on Monday, June 25th. Mizuho started coverage on shares of Cummins in a research note on Friday, June 29th. They set a “neutral” rating and a $150.00 price objective for the company. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $148.00 price objective for the company in a research note on Tuesday, July 3rd. Finally, Stifel Nicolaus upgraded shares of Cummins from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $174.00 to $160.00 in a research note on Tuesday, July 10th. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $167.48.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.63 by ($0.31). The business had revenue of $6.13 billion for the quarter, compared to analyst estimates of $5.81 billion. Cummins had a return on equity of 26.30% and a net margin of 4.67%. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same period last year, the company posted $2.53 earnings per share. Sell-side analysts expect that Cummins Inc. will post 14.94 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Thursday, November 15th will be issued a dividend of $1.14 per share. The ex-dividend date is Wednesday, November 14th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 3.14%. Cummins’s dividend payout ratio (DPR) is 42.94%.
Cummins declared that its Board of Directors has initiated a share buyback plan on Tuesday, October 9th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 8.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
In other news, CAO Marya M. Rose sold 14,579 shares of the company’s stock in a transaction dated Monday, October 8th. The shares were sold at an average price of $151.07, for a total transaction of $2,202,449.53. Following the completion of the transaction, the chief accounting officer now owns 24,424 shares in the company, valued at $3,689,733.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alexis M. Herman sold 735 shares of the stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $139.90, for a total transaction of $102,826.50. The disclosure for this sale can be found here. Insiders have sold 26,087 shares of company stock worth $3,914,211 over the last three months. 0.67% of the stock is owned by corporate insiders.
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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