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 firm 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 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Pitcairn Co. raised its position 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 during the period. Edmp Inc. raised its position 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 during the period. Kanaly Trust Co raised its position 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 during the period. NEXT Financial Group Inc raised its position 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 during the period. Finally, BB&T Securities LLC raised its position in Cummins by 0.3% in the first quarter. BB&T Securities LLC now owns 19,133 shares of the company’s stock worth $2,103,000 after buying an additional 52 shares during the period. Hedge funds and other institutional investors own 81.36% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded down 1.06% on Friday, reaching $120.63. 934,378 shares of the company traded hands. Cummins Inc. has a one year low of $79.88 and a one year high of $127.64. The firm has a 50-day moving average price of $123.24 and a 200 day moving average price of $115.85. The company has a market capitalization of $20.27 billion, a PE ratio of 16.52 and a beta of 1.48.
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. 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 the consensus estimate of $4.50 billion. During the same period last year, the company earned $2.62 EPS. The firm’s revenue was down 9.7% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post $8.15 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Monday, August 22nd were issued a dividend of $0.975 per share. The ex-dividend date was Thursday, August 18th. This represents a $3.90 annualized dividend and a yield of 3.23%. Cummins’s payout ratio is 55.93%.
A number of equities analysts have commented on the stock. William Blair set a $110.00 price target on shares of Cummins and gave the company a “hold” rating in a research report on Thursday, September 8th. Jefferies Group boosted their target price on shares of Cummins from $115.00 to $120.00 and gave the stock a “hold” rating in a research note on Thursday, September 1st. Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $114.00 target price on shares of Cummins in a research note on Monday, September 12th. Finally, Citigroup Inc. boosted their target price on shares of Cummins from $115.00 to $120.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 3rd. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $104.37.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $127.50, for a total transaction of $637,500.00. Following the completion of the transaction, the chief financial officer now owns 3,024 shares in the company, valued at approximately $385,560. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jill E. Cook sold 5,981 shares of the firm’s stock in a transaction that occurred on 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 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 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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