Kalos Management Inc. bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel reports. The firm bought 15,067 shares of the company’s stock, valued at approximately $1,694,000. Cummins accounts for 1.3% of Kalos Management Inc.’s investment portfolio, making the stock its 19th largest position.
Other hedge funds also recently made changes to their positions in the company. M&T Bank Corp raised its stake in shares of Cummins by 13.1% in the first quarter. M&T Bank Corp now owns 34,253 shares of the company’s stock valued at $3,765,000 after buying an additional 3,963 shares during the period. Credit Agricole S A raised its stake in shares of Cummins by 1.8% in the first quarter. Credit Agricole S A now owns 341,917 shares of the company’s stock valued at $37,592,000 after buying an additional 6,156 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Cummins by 98.5% in the first quarter. Canada Pension Plan Investment Board now owns 245,413 shares of the company’s stock valued at $26,981,000 after buying an additional 121,800 shares during the period. BB&T Securities LLC raised its stake in shares of Cummins by 0.3% in the first quarter. BB&T Securities LLC now owns 19,133 shares of the company’s stock valued at $2,103,000 after buying an additional 52 shares during the period. Finally, Hanlon Investment Management Inc. bought a new stake in shares of Cummins during the first quarter valued at about $8,331,000. Institutional investors and hedge funds own 81.29% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded up 1.24% on Wednesday, reaching $128.63. 564,068 shares of the company’s stock traded hands. Cummins Inc. has a 52 week low of $79.88 and a 52 week high of $131.04. The stock has a 50-day moving average of $123.47 and a 200 day moving average of $118.27. The firm has a market capitalization of $21.61 billion, a P/E ratio of 17.62 and a beta of 1.46.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 2nd. The company reported $2.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.15 by $0.25. The company had revenue of $4.50 billion for 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%. The firm’s quarterly revenue was down 9.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.62 EPS. On average, equities analysts expect that Cummins Inc. will post $8.14 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Monday, November 21st will be issued a $1.025 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.23%. This is a positive change from Cummins’s previous quarterly dividend of $0.98. The ex-dividend date is Thursday, November 17th. Cummins’s dividend payout ratio is 55.93%.
Several analysts have recently issued reports on CMI shares. Jefferies Group reiterated a “hold” rating and issued a $115.00 target price on shares of Cummins in a research report on Thursday, July 7th. Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Citigroup Inc. lifted their target price 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. Deutsche Bank AG assumed coverage on shares of Cummins in a research report on Tuesday, September 6th. They issued a “sell” rating and a $111.00 target price on the stock. Finally, William Blair set a $110.00 price target on shares of Cummins and gave the stock a “hold” rating in a research note on Thursday, September 8th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the company. Cummins presently has an average rating of “Hold” and an average price target of $116.24.
In other news, CFO Pat Ward sold 5,000 shares of the stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $127.50, for a total transaction of $637,500.00. Following the transaction, the chief financial officer now directly owns 3,024 shares in the company, valued at approximately $385,560. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Thaddeus B. Ewald sold 820 shares of the stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $126.95, for a total transaction of $104,099.00. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.
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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