361 Capital LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 55,450 shares of the company’s stock, valued at approximately $8,995,000. Cummins comprises 1.5% of 361 Capital LLC’s portfolio, making the stock its 11th largest position.
Other hedge funds and other institutional investors have also modified their holdings of the company. AJO LP grew its holdings in shares of Cummins by 11,096.3% in the second quarter. AJO LP now owns 1,149,856 shares of the company’s stock worth $186,530,000 after purchasing an additional 1,139,586 shares during the last quarter. AGF Investments America Inc. grew its holdings in shares of Cummins by 41.5% in the second quarter. AGF Investments America Inc. now owns 38,653 shares of the company’s stock worth $6,270,000 after purchasing an additional 11,338 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Cummins by 8.6% in the first quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock worth $118,055,000 after purchasing an additional 62,046 shares during the last quarter. Alambic Investment Management L.P. grew its holdings in shares of Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock worth $365,000 after purchasing an additional 16 shares during the last quarter. Finally, Delta Lloyd Asset Management N.V. bought a new position in shares of Cummins in the second quarter worth approximately $3,466,000. Institutional investors and hedge funds own 80.31% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.02% during mid-day trading on Wednesday, hitting $174.76. The stock had a trading volume of 304,033 shares. The firm has a 50 day moving average of $166.16 and a 200-day moving average of $159.36. Cummins Inc. has a one year low of $121.22 and a one year high of $175.03. The stock has a market cap of $29.18 billion, a P/E ratio of 19.75 and a beta of 1.13.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the previous year, the company posted $2.40 EPS. Cummins’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio is presently 48.76%.
In related news, insider Jill E. Cook sold 7,000 shares of the stock in a transaction on Monday, July 24th. The stock was sold at an average price of $165.86, for a total value of $1,161,020.00. Following the transaction, the insider now directly owns 9,671 shares of the company’s stock, valued at approximately $1,604,032.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Pat Ward sold 5,000 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $845,000.00. Following the completion of the transaction, the chief financial officer now directly owns 245 shares in the company, valued at $41,405. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,633 shares of company stock worth $2,942,108. Corporate insiders own 0.62% of the company’s stock.
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A number of analysts recently commented on CMI shares. Buckingham Research started coverage on Cummins in a research note on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price target for the company. Piper Jaffray Companies reissued a “hold” rating and set a $159.00 price objective on shares of Cummins in a research report on Thursday, August 3rd. Deutsche Bank AG lowered their price objective on Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research report on Wednesday, August 2nd. Stifel Nicolaus raised their price target on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. Finally, Jefferies Group LLC restated a “hold” rating and set a $165.00 price target (up from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $164.91.
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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