Public Employees Retirement Association of Colorado reduced its position in Cummins Inc. (NYSE:CMI) by 0.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,353 shares of the company’s stock after selling 8 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Cummins were worth $4,924,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Pinnacle Bank purchased a new position in shares of Cummins during the first quarter worth $105,000. Carroll Financial Associates Inc. increased its position in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares during the period. Cohen Capital Management Inc. purchased a new position in shares of Cummins during the first quarter worth $121,000. First Interstate Bank increased its position in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after buying an additional 194 shares during the period. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Cummins during the first quarter worth $150,000. Institutional investors and hedge funds own 80.34% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at 160.03 on Tuesday. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $170.68. The firm has a 50-day moving average of $163.27 and a 200-day moving average of $154.51. The firm has a market cap of $26.73 billion, a P/E ratio of 18.09 and a beta of 1.09.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.58 by $0.05. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.40 EPS. On average, equities analysts forecast that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a dividend of $1.08 per share. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.70%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is presently 46.28%.
A number of brokerages have weighed in on CMI. Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 price objective on shares of Cummins in a research report on Thursday, August 3rd. Jefferies Group LLC reiterated a “hold” rating and issued a $165.00 price objective (up previously from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus upped their price objective on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Deutsche Bank AG decreased their price objective on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $177.00 price objective for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the stock. Cummins presently has an average rating of “Hold” and a consensus price target of $154.33.
In other Cummins news, Director Georgia R. Nelson sold 1,086 shares of Cummins stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the transaction, the director now owns 16,512 shares in the company, valued at $2,577,523.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the transaction, the chief financial officer now owns 245 shares of the company’s stock, valued at approximately $41,405. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,636 shares of company stock valued at $10,000,575. 0.62% of the stock is currently owned by company insiders.
Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The 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 and agricultural markets.
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