Nuveen Asset Management LLC raised its position in Cummins Inc. (NYSE:CMI) by 27.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 166,425 shares of the company’s stock after buying an additional 35,458 shares during the period. Nuveen Asset Management LLC owned 0.10% of Cummins worth $25,163,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Pinnacle Bank purchased a new stake in shares of Cummins during the first quarter valued at approximately $105,000. Cohen Capital Management Inc. purchased a new stake in shares of Cummins during the first quarter valued at approximately $121,000. First Manhattan Co. raised its stake in shares of Cummins by 4.2% in the first 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 last quarter. First Interstate Bank raised its stake in shares of Cummins by 26.3% in the first 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 last quarter. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Cummins during the first quarter valued at approximately $150,000. Institutional investors own 80.34% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) opened at 155.65 on Friday. The firm has a market cap of $25.99 billion, a price-to-earnings ratio of 17.59 and a beta of 1.09. The firm’s 50 day moving average is $162.65 and its 200-day moving average is $155.23. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ 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 company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the company earned $2.40 earnings per share. The company’s quarterly revenue was up 12.1% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post $7.98 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a dividend yield of 2.78%. Cummins’s dividend payout ratio is currently 46.28%.
A number of research analysts recently commented on the stock. Barclays PLC raised their price objective on shares of Cummins from $137.00 to $144.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. Deutsche Bank AG raised their price objective on shares of Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a research note on Tuesday, July 4th. ValuEngine lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Thursday, July 20th. Finally, Wells Fargo & Company upgraded shares of Cummins from a “market perform” rating to an “outperform” rating in a research report on Monday, April 17th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently 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 company’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total value of $169,524.60. Following the transaction, the director now directly owns 16,512 shares in the company, valued at $2,577,523.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Anant Talaulicar sold 1,650 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total transaction of $259,875.00. Following the completion of the transaction, the vice president now owns 13,029 shares in the company, valued at $2,052,067.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,969 shares of company stock worth $10,053,755. 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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