Bbva Compass Bancshares Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 5.1% during the second quarter, Holdings Channel reports. The firm owned 11,420 shares of the company’s stock after selling 611 shares during the period. Bbva Compass Bancshares Inc.’s holdings in Cummins were worth $1,284,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in the company. First Manhattan Co. raised its stake in Cummins by 8.0% in the second quarter. First Manhattan Co. now owns 957 shares of the company’s stock worth $107,000 after buying an additional 71 shares during the period. Kanaly Trust Co increased its stake in shares of 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. Signaturefd LLC increased its stake in shares of Cummins by 17.1% in the second quarter. Signaturefd LLC now owns 1,111 shares of the company’s stock worth $125,000 after buying an additional 162 shares in the last quarter. FCM Investments TX increased its stake in shares of Cummins by 33.3% in the second quarter. FCM Investments TX now owns 1,200 shares of the company’s stock worth $135,000 after buying an additional 300 shares in the last quarter. Finally, Americafirst Capital Management LLC purchased a new stake in shares of Cummins during the second quarter worth approximately $139,000. Institutional investors own 81.29% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.9678% during mid-day trading on Tuesday, hitting $127.0175. 526,343 shares of the company traded hands. The firm has a 50-day moving average price of $123.43 and a 200 day moving average price of $118.15. The firm has a market cap of $21.34 billion, a price-to-earnings ratio of 17.3973 and a beta of 1.46. Cummins Inc. has a 52-week low of $79.88 and a 52-week high of $131.04.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.25. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The firm earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same quarter in the previous year, the firm earned $2.62 earnings per share. The firm’s revenue for the quarter was down 9.7% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post $8.14 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be paid a dividend of $1.025 per share. 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. This represents a $4.10 annualized dividend and a yield of 3.26%. Cummins’s payout ratio is presently 55.93%.
CMI has been the topic of a number of recent analyst reports. Deutsche Bank AG initiated coverage on shares of Cummins in a research report on Tuesday, September 6th. They issued a “sell” rating and a $111.00 price objective on the stock. Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Credit Agricole SA initiated coverage on shares of Cummins in a research report on Friday, September 30th. They issued a “buy” rating and a $150.00 price objective on the stock. Citigroup Inc. increased their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. Finally, Jefferies Group reissued a “hold” rating and issued a $115.00 price objective on shares of Cummins in a research report on Thursday, July 7th. Four equities research 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 presently has an average rating of “Hold” and a consensus price target of $114.89.
In other news, VP Thaddeus B. Ewald sold 820 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $126.95, for a total transaction of $104,099.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 27th. The stock was sold at an average price of $122.50, for a total transaction of $612,500.00. Following the transaction, the chief financial officer now owns 8,024 shares of the company’s stock, valued at approximately $982,940. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.
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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