Proficio Capital Partners LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 1,228 shares of the company’s stock after buying an additional 26 shares during the period. Proficio Capital Partners LLC’s holdings in Cummins were worth $150,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of CMI. Wellington Management Group LLP boosted its position in shares of Cummins by 0.5% in the first quarter. Wellington Management Group LLP now owns 237,563 shares of the company’s stock worth $26,118,000 after buying an additional 1,204 shares during the last quarter. Candriam Luxembourg S.C.A. boosted its position in shares of Cummins by 1,564.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 162,048 shares of the company’s stock worth $18,221,000 after buying an additional 152,315 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Cummins by 2.7% in the first quarter. Legal & General Group Plc now owns 834,870 shares of the company’s stock worth $91,782,000 after buying an additional 21,806 shares during the last quarter. Hermes Investment Management Ltd. boosted its position in shares of Cummins by 7.0% in the second quarter. Hermes Investment Management Ltd. now owns 391,663 shares of the company’s stock worth $44,039,000 after buying an additional 25,600 shares during the last quarter. Finally, Boston Advisors LLC boosted its position in shares of Cummins by 8,914.4% in the second quarter. Boston Advisors LLC now owns 186,148 shares of the company’s stock worth $20,930,000 after buying an additional 184,083 shares during the last quarter. 81.29% of the stock is owned by institutional investors.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.99% on Tuesday, hitting $127.05. 1,335,815 shares of the stock were exchanged. The stock has a market cap of $21.34 billion, a PE ratio of 17.40 and a beta of 1.46. The company’s 50 day moving average is $123.43 and its 200-day moving average is $118.15. Cummins Inc. has a 52-week low of $79.88 and a 52-week high of $131.04.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.25. The company earned $4.50 billion during the quarter, compared to analyst estimates of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. Cummins’s revenue was down 9.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.62 earnings per share. Analysts predict that Cummins Inc. will post $8.14 EPS for the current fiscal year.
The business 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 represents a $4.10 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, November 17th. This is a positive change from Cummins’s previous quarterly dividend of $0.98. Cummins’s dividend payout ratio (DPR) is 55.93%.
A number of equities analysts have commented on the stock. Deutsche Bank AG lifted their price objective on shares of Cummins from $111.00 to $112.00 and gave the stock a “sell” rating in a research note on Wednesday, October 12th. Barclays PLC lifted their price objective on shares of Cummins from $105.00 to $108.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 12th. Goldman Sachs Group Inc. raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $134.00 to $162.00 in a research note on Tuesday, October 11th. Credit Agricole SA assumed coverage on shares of Cummins in a research note on Friday, September 30th. They issued a “buy” rating and a $150.00 price objective for the company. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $114.00 price objective on shares of Cummins in a research note on Monday, September 12th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $114.89.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the stock in a transaction dated Wednesday, July 27th. The shares were sold at an average price of $122.50, for a total transaction of $612,500.00. Following the completion of the transaction, the chief financial officer now owns 8,024 shares of the company’s stock, valued at $982,940. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jill E. Cook sold 5,981 shares of the 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 transaction, the insider now directly owns 24,800 shares of the company’s stock, valued at approximately $2,980,960. The disclosure for this sale can be found here. Company 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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