HL Financial Services LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 5.1% during the second quarter, Holdings Channel reports. The fund owned 15,172 shares of the company’s stock after buying an additional 738 shares during the period. HL Financial Services LLC’s holdings in Cummins were worth $1,706,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Motley Fool Wealth Management LLC boosted its position in Cummins by 3.7% in the first quarter. Motley Fool Wealth Management LLC now owns 61,803 shares of the company’s stock worth $6,795,000 after buying an additional 2,183 shares during the last quarter. Aperio Group LLC boosted its position in Cummins by 70.4% in the first quarter. Aperio Group LLC now owns 112,755 shares of the company’s stock worth $12,396,000 after buying an additional 46,587 shares during the last quarter. Jag Capital Management LLC boosted its position in Cummins by 4.0% in the first quarter. Jag Capital Management LLC now owns 11,047 shares of the company’s stock worth $1,215,000 after buying an additional 420 shares during the last quarter. Telemus Capital LLC purchased a new position in Cummins during the first quarter worth $346,000. Finally, Investment Centers of America Inc. boosted its position in Cummins by 35.5% in the first quarter. Investment Centers of America Inc. now owns 7,580 shares of the company’s stock worth $832,000 after buying an additional 1,986 shares during the last quarter. 81.36% of the stock is owned by institutional investors.
Shares of Cummins Inc. (NYSE:CMI) traded down 1.06% during mid-day trading on Friday, reaching $120.63. 934,378 shares of the company were exchanged. The firm has a 50-day moving average price of $123.24 and a 200 day moving average price of $115.85. The stock has a market capitalization of $20.27 billion, a P/E ratio of 16.52 and a beta of 1.48. Cummins Inc. has a 12 month low of $79.88 and a 12 month high of $127.64.
Cummins (NYSE:CMI) last issued 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 business had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.50 billion. During the same period in the previous year, the business earned $2.62 EPS. The firm’s revenue was down 9.7% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post $8.15 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, August 22nd were given a dividend of $0.975 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $3.90 annualized dividend and a dividend yield of 3.23%. Cummins’s dividend payout ratio (DPR) is currently 55.93%.
A number of research firms have weighed in on CMI. Jefferies Group upped their price objective on shares of Cummins from $115.00 to $120.00 and gave the company a “hold” rating in a research report on Thursday, September 1st. Citigroup Inc. increased their price target on shares of Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. William Blair set a $110.00 price target on shares of Cummins and gave the stock a “hold” rating in a research report on Thursday, September 8th. Standpoint Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Finally, Deutsche Bank AG began coverage on shares of Cummins in a research report on Tuesday, September 6th. They set a “sell” rating and a $111.00 price target on the stock. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the stock. Cummins has an average rating of “Hold” and an average target price of $104.37.
In other Cummins news, VP Marsha L. Hunt sold 500 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $126.26, for a total value of $63,130.00. Following the transaction, the vice president now directly owns 2,582 shares in the company, valued at $326,003.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Pat Ward sold 5,000 shares of the business’s 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 in the company, valued at $982,940. The disclosure for this sale can be found here. 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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