CHICAGO TRUST Co NA continued to hold its position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,800 shares of the company’s stock at the end of the second quarter. CHICAGO TRUST Co NA’s holdings in Cummins were worth $292,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares during the last quarter. Bank of New York Mellon Corp increased its position in Cummins by 39.0% in the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock worth $303,309,000 after buying an additional 563,279 shares in the last quarter. Vanguard Group Inc. increased its stake in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares during the period. UBS Group AG increased its stake in Cummins by 118.2% in the first quarter. UBS Group AG now owns 755,368 shares of the company’s stock worth $114,211,000 after buying an additional 409,168 shares during the period. Finally, American Century Companies Inc. increased its stake in Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock worth $398,200,000 after buying an additional 402,929 shares during the period. Institutional investors own 80.34% of the company’s stock.
Cummins Inc. (NYSE:CMI) opened at 155.65 on Friday. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68. The company has a 50 day moving average price of $162.65 and a 200-day moving average price of $155.23. The company has a market capitalization of $25.99 billion, a P/E ratio of 17.59 and a beta of 1.09.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing analysts’ consensus estimates of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the previous year, the firm earned $2.40 EPS. Cummins’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The firm also recently announced 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 represents a $4.32 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date is Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is presently 46.28%.
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CMI has been the subject of a number of research analyst reports. Deutsche Bank AG reissued a “sell” rating and set a $154.00 target price (up previously from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Wells Fargo & Company upgraded Cummins from a “market perform” rating to an “outperform” rating in a report on Monday, April 17th. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a research note on Thursday, July 20th. Finally, Barclays PLC increased their target price on Cummins from $137.00 to $144.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $156.21.
In related news, COO Richard Joseph Freeland sold 22,550 shares of Cummins stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $165.00, for a total value of $3,720,750.00. Following the sale, the chief operating officer now owns 14,131 shares of the company’s stock, valued at approximately $2,331,615. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of Cummins stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the sale, the director now directly owns 16,512 shares in the company, valued at approximately $2,577,523.20. The disclosure for this sale can be found here. Insiders sold a total of 60,969 shares of company stock worth $10,053,755 in the last 90 days. Company 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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