DekaBank Deutsche Girozentrale increased its position in shares of Cummins Inc. (NYSE:CMI) by 43.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,126 shares of the company’s stock after buying an additional 19,718 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Cummins were worth $10,552,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Carroll Financial Associates Inc. increased its position in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the last quarter. First Manhattan Co. increased its position in 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 increased its position in 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. Harbour Capital Advisors LLC acquired a new position in Cummins during the first quarter valued at about $150,000. Finally, Pathstone Family Office LLC acquired a new position in Cummins during the first quarter valued at about $153,000. 80.66% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE CMI) opened at 151.28 on Friday. The company has a market capitalization of $25.26 billion, a P/E ratio of 17.10 and a beta of 1.09. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68. The firm has a 50-day moving average of $162.07 and a 200 day moving average of $155.44.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter last year, the company posted $2.40 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post $7.98 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $1.08 dividend. The ex-dividend date is Wednesday, August 16th. This is a positive change from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a yield of 2.86%. Cummins’s dividend payout ratio is 48.76%.
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Several research firms have recently issued reports on CMI. Deutsche Bank AG raised their price target 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 downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research raised shares of 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. Goldman Sachs Group, Inc. (The) downgraded shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 target price for the company. in a research note on Monday, August 7th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $166.00 target price on shares of Cummins in a research note on Wednesday, July 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $156.21.
In other Cummins news, CFO Pat Ward sold 14,050 shares of the company’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the completion of the transaction, the chief financial officer now directly owns 13,395 shares in the company, valued at approximately $2,196,110.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction 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 transaction, the director now owns 16,512 shares of the company’s stock, valued at $2,577,523.20. The disclosure for this sale can be found here. Insiders sold a total of 60,969 shares of company stock valued at $10,053,755 over the last 90 days. Company insiders own 0.62% of the company’s stock.
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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