1ST Source Bank continued to hold its stake in Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel reports. The firm owned 6,811 shares of the company’s stock at the end of the second quarter. 1ST Source Bank’s holdings in Cummins were worth $766,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Pitcairn Co. increased its stake in Cummins by 0.3% in the second quarter. Pitcairn Co. now owns 2,034 shares of the company’s stock worth $229,000 after buying an additional 7 shares in the last quarter. Proficio Capital Partners LLC increased its stake in Cummins by 2.2% in the second quarter. Proficio Capital Partners LLC now owns 1,228 shares of the company’s stock worth $150,000 after buying an additional 26 shares in the last quarter. Edmp Inc. increased its stake in Cummins by 0.7% in the second quarter. Edmp Inc. now owns 4,259 shares of the company’s stock worth $479,000 after buying an additional 28 shares in the last quarter. Kanaly Trust Co increased its stake in Cummins by 3.1% in the second quarter. Kanaly Trust Co now owns 1,114 shares of the company’s stock worth $125,000 after buying an additional 34 shares in the last quarter. Finally, NEXT Financial Group Inc increased its stake in Cummins by 4.1% in the second quarter. NEXT Financial Group Inc now owns 1,290 shares of the company’s stock worth $145,000 after buying an additional 51 shares in the last quarter. Institutional investors and hedge funds own 81.36% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.2229% during mid-day trading on Friday, hitting $126.4112. The stock had a trading volume of 482,835 shares. Cummins Inc. has a one year low of $79.88 and a one year high of $131.04. The stock has a market cap of $21.24 billion, a P/E ratio of 17.3142 and a beta of 1.46. The firm has a 50 day moving average of $123.38 and a 200-day moving average of $117.79.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.15 by $0.25. The firm had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.50 billion. Cummins had a return on equity of 19.48% and a net margin of 6.97%. Cummins’s revenue for the quarter was down 9.7% compared to the same quarter last year. During the same period last year, the company earned $2.62 earnings per share. Equities research analysts expect that Cummins Inc. will post $8.14 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Monday, November 21st will be issued a dividend of $1.025 per share. This represents a $4.10 annualized dividend and a yield of 3.25%. This is a positive change from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Thursday, November 17th. Cummins’s dividend payout ratio (DPR) is 55.93%.
A number of equities research analysts have issued reports on the company. William Blair set a $110.00 price target on Cummins and gave the company a “hold” rating in a research note on Thursday, September 8th. Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Jefferies Group restated a “hold” rating and set a $115.00 price target on shares of Cummins in a research note on Thursday, July 7th. BMO Capital Markets restated a “market perform” rating and set a $114.00 price target on shares of Cummins in a research note on Monday, September 12th. Finally, Barclays PLC boosted their price objective on Cummins from $105.00 to $108.00 and gave the company an “underweight” rating in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have issued a buy rating to the company’s stock. Cummins currently has a consensus rating of “Hold” and an average price target of $114.89.
In related news, insider Jill E. Cook sold 5,981 shares of the firm’s stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $120.20, for a total transaction of $718,916.20. Following the sale, the insider now directly owns 24,800 shares of the company’s stock, valued at $2,980,960. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Thaddeus B. Ewald sold 820 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $126.95, for a total value of $104,099.00. The disclosure for this sale can be found here. Corporate insiders own 0.57% of the company’s stock.
Cummins Company Profile
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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