Private Wealth Advisors Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 0.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,147 shares of the company’s stock after selling 31 shares during the period. Private Wealth Advisors Inc.’s holdings in Cummins were worth $835,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Carroll Financial Associates Inc. increased its holdings in Cummins by 13.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after purchasing an additional 83 shares in the last quarter. First Interstate Bank increased its stake in shares of Cummins by 26.3% in the 1st quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the period. Harbour Capital Advisors LLC acquired a new stake in shares of Cummins in the 1st quarter valued at $150,000. First Manhattan Co. increased its stake in shares of Cummins by 4.2% in the 1st quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares during the period. Finally, Horrell Capital Management Inc. acquired a new stake in shares of Cummins in the 2nd quarter valued at $164,000. 80.43% of the stock is owned by institutional investors and hedge funds.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the sale, the director now owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Pat Ward sold 14,050 shares of the company’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $163.95, for a total transaction of $2,303,497.50. Following the sale, the chief financial officer now directly owns 13,395 shares of the company’s stock, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,233 shares of company stock valued at $9,624,355. Company insiders own 0.62% of the company’s stock.
Cummins Inc. (CMI) traded down 1.07% during mid-day trading on Friday, reaching $164.89. 602,626 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $158.43 and a 200-day moving average price of $156.59. The stock has a market capitalization of $27.54 billion, a PE ratio of 18.64 and a beta of 1.10. Cummins Inc. has a 12-month low of $118.28 and a 12-month high of $170.68.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 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 business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the business posted $2.40 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post $7.98 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a $1.08 dividend. The ex-dividend date was Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a yield of 2.59%. Cummins’s dividend payout ratio (DPR) is 48.76%.
Several equities research analysts have recently commented on the company. Stifel Nicolaus lifted their target price on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $186.00 price target on the stock in a research report on Friday. Royal Bank Of Canada restated a “hold” rating and issued a $166.00 price target on shares of Cummins in a research report on Wednesday, July 12th. Piper Jaffray Companies restated a “hold” rating and issued a $161.00 price target on shares of Cummins in a research report on Wednesday, July 12th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $161.15.
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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