Bbva Compass Bancshares Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 0.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,945 shares of the company’s stock after selling 52 shares during the period. Bbva Compass Bancshares Inc.’s holdings in Cummins were worth $1,614,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in CMI. Pinnacle Bank purchased a new stake in Cummins during the first quarter valued at approximately $105,000. World Asset Management Inc boosted its position in shares of Cummins by 10.1% in the first quarter. World Asset Management Inc now owns 16,701 shares of the company’s stock valued at $2,525,000 after buying an additional 1,528 shares during the last quarter. Private Trust Co. NA bought a new position in shares of Cummins during the first quarter valued at about $250,000. Bank of America Corp DE boosted its position in shares of Cummins by 8.6% in the first quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock valued at $118,055,000 after buying an additional 62,046 shares during the last quarter. Finally, Alambic Investment Management L.P. boosted its position in shares of 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 last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded down 0.32% during trading on Friday, reaching $150.79. The company had a trading volume of 1,467,309 shares. The firm has a market capitalization of $25.18 billion, a P/E ratio of 17.04 and a beta of 1.09. The stock has a 50 day moving average price of $161.81 and a 200 day moving average price of $155.47. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.40 earnings per share. Analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
The firm 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. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.86%. Cummins’s dividend payout ratio is presently 48.76%.
CMI has been the topic of several research analyst reports. Deutsche Bank AG reissued a “sell” rating and issued a $154.00 price objective (up previously from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research report on Thursday, July 20th. Goldman Sachs Group, Inc. (The) cut Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price target on the stock. in a research report on Monday, August 7th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 price target on shares of Cummins in a research report on Monday, June 5th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $156.21.
In other Cummins news, insider Tony Satterthwaite sold 4,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total value of $658,000.00. Following the completion of the transaction, the insider now owns 41,902 shares of the company’s stock, valued at approximately $6,892,879. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Anant Talaulicar sold 1,650 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were 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 directly owns 13,029 shares of the company’s stock, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. Insiders have sold a total of 60,969 shares of company stock valued at $10,053,755 in the last 90 days. 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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