Harfst & Associates Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 3.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,715 shares of the company’s stock after selling 308 shares during the quarter. Harfst & Associates Inc.’s holdings in Cummins were worth $1,880,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. CKW Financial Group bought a new stake in Cummins during the second quarter worth approximately $32,000. Allred Capital Management LLC bought a new stake in shares of Cummins in the first quarter valued at approximately $45,000. Barrett Asset Management LLC bought a new stake in shares of Cummins in the second quarter valued at approximately $49,000. Paragon Wealth Strategies LLC bought a new stake in shares of Cummins in the second quarter valued at approximately $59,000. Finally, E Fund Management Co. Ltd. bought a new stake in shares of Cummins in the first quarter valued at approximately $67,000. 80.40% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group cut Cummins from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $270.00 to $230.00 in a research report on Tuesday, August 24th. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating and set a $251.00 price objective for the company. in a research report on Thursday, July 15th. Credit Suisse Group raised their target price on Cummins from $300.00 to $307.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 4th. Cowen raised Cummins from a “market perform” rating to an “outperform” rating and set a $284.00 target price for the company in a research report on Friday, July 16th. Finally, Morgan Stanley reduced their target price on Cummins from $271.00 to $264.00 and set an “equal weight” rating for the company in a research report on Monday, August 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $280.83.
Cummins (NYSE:CMI) last issued its earnings results on Monday, August 2nd. The company reported $4.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.06 by $0.04. Cummins had a return on equity of 25.26% and a net margin of 9.52%. The firm had revenue of $6.10 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the business earned $1.86 earnings per share. The company’s revenue was up 58.4% compared to the same quarter last year. As a group, sell-side analysts expect that Cummins Inc. will post 16.37 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 2nd. Shareholders of record on Friday, August 20th were given a dividend of $1.45 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend was Thursday, August 19th. This represents a $5.80 annualized dividend and a dividend yield of 2.62%. Cummins’s payout ratio is 47.62%.
Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, 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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