First Western Capital Management Co lowered its position in shares of Cummins Inc. (NYSE:CMI) by 14.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,971 shares of the company’s stock after selling 683 shares during the period. First Western Capital Management Co’s holdings in Cummins were worth $644,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Macquarie Group Ltd. raised its position in shares of Cummins by 49.2% in the fourth quarter. Macquarie Group Ltd. now owns 9,400 shares of the company’s stock worth $1,285,000 after buying an additional 3,100 shares during the last quarter. Gulf International Bank UK Ltd raised its position in shares of Cummins by 1.0% in the first quarter. Gulf International Bank UK Ltd now owns 51,801 shares of the company’s stock worth $7,832,000 after buying an additional 500 shares during the last quarter. Honkamp Krueger Financial Services Inc. raised its position in shares of Cummins by 4.9% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 2,974 shares of the company’s stock worth $450,000 after buying an additional 138 shares during the last quarter. Private Trust Co. NA purchased a new position in shares of Cummins during the first quarter worth $250,000. Finally, Weybosset Research & Management LLC raised its position in shares of Cummins by 1.1% in the first quarter. Weybosset Research & Management LLC now owns 41,063 shares of the company’s stock worth $6,209,000 after buying an additional 445 shares during the last quarter. Hedge funds and other institutional investors own 80.34% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at 155.83 on Friday. The firm has a 50-day moving average of $162.75 and a 200 day moving average of $155.12. The company has a market cap of $26.02 billion, a P/E ratio of 17.61 and a beta of 1.09. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The firm had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the company earned $2.40 EPS. The business’s quarterly revenue was up 12.1% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a $1.08 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.77%. Cummins’s dividend payout ratio is 46.28%.
Several research analysts recently commented on CMI shares. Wells Fargo & Company upgraded Cummins from a “market perform” rating to an “outperform” rating in a research report on Monday, April 17th. Piper Jaffray Companies lowered Cummins from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $160.00 to $144.00 in a research report on Tuesday, April 18th. Barclays PLC lifted their price target on Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Jefferies Group LLC reiterated a “hold” rating and issued a $160.00 price target (up previously from $150.00) on shares of Cummins in a research report on Tuesday, May 2nd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $155.00 price target (up previously from $150.00) on shares of Cummins in a research report on Wednesday, May 3rd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $156.21.
In related news, Director Georgia R. Nelson sold 1,086 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the transaction, the director now owns 16,512 shares of the company’s stock, valued at approximately $2,577,523.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total transaction of $658,000.00. Following the transaction, the insider now directly owns 41,902 shares of the company’s stock, valued at approximately $6,892,879. The disclosure for this sale can be found here. In the last three months, insiders sold 60,969 shares of company stock valued at $10,053,755. Corporate insiders own 0.62% of the company’s stock.
Cummins Company Profile
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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