CHICAGO TRUST Co NA maintained its stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.
Several other hedge funds also recently added to or reduced their stakes in the stock. Johanson Financial Advisors Inc. boosted its stake in Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after buying an additional 7 shares during the period. Cordasco Financial Network boosted its stake in Cummins by 0.6% in the first quarter. Cordasco Financial Network now owns 1,409 shares of the company’s stock valued at $213,000 after buying an additional 9 shares during the period. Alambic Investment Management L.P. boosted its stake in Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after buying an additional 16 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cummins by 2.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,496 shares of the company’s stock valued at $226,000 after buying an additional 31 shares during the period. Finally, Community Bank N.A. boosted its stake in Cummins by 0.3% in the first quarter. Community Bank N.A. now owns 12,359 shares of the company’s stock valued at $1,869,000 after buying an additional 35 shares during the period. 80.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cummins Inc. (NYSE:CMI) traded down 0.32% during trading on Friday, hitting $150.79. 1,467,309 shares of the stock were exchanged. The stock has a market cap of $25.18 billion, a P/E ratio of 17.04 and a beta of 1.09. The firm’s 50 day moving average price is $161.81 and its 200-day moving average price is $155.47. 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 data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Zacks’ 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 the consensus estimate of $4.80 billion. During the same period in the prior year, the company posted $2.40 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post $7.98 EPS for the current year.
The company also recently disclosed 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 positive change from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date of this dividend is Wednesday, August 16th. Cummins’s dividend payout ratio is currently 48.76%.
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Several analysts have recently commented on the stock. Stifel Nicolaus increased their price target on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada reissued a “hold” rating and set a $166.00 price target on shares of Cummins in a research note on Wednesday, July 12th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $161.00 price objective on shares of Cummins in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $160.00 price objective (up from $150.00) on shares of Cummins in a research note on Tuesday, May 2nd. 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 company’s stock. Cummins presently has a consensus rating of “Hold” and a consensus price target of $156.21.
In related news, COO Richard Joseph Freeland sold 22,550 shares of the stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the transaction, the chief operating officer now directly owns 14,131 shares of the company’s stock, valued at $2,331,615. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the transaction, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 60,969 shares of company stock worth $10,053,755. 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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