WBI Investments Inc. lifted its position in shares of Cummins Inc. (NYSE:CMI) by 1,217.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 50,999 shares of the company’s stock after buying an additional 47,127 shares during the quarter. WBI Investments Inc.’s holdings in Cummins were worth $8,273,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. BlackRock Inc. grew its holdings in shares of Cummins by 2,874.8% during the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares in the last quarter. AJO LP grew its holdings in shares of Cummins by 11,096.3% during the second quarter. AJO LP now owns 1,149,856 shares of the company’s stock worth $186,530,000 after buying an additional 1,139,586 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Cummins by 434.1% during the second quarter. Franklin Resources Inc. now owns 1,380,233 shares of the company’s stock worth $223,902,000 after buying an additional 1,121,833 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Cummins by 39.0% during the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock worth $303,309,000 after buying an additional 563,279 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Cummins by 4.7% during the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares in the last quarter. Institutional investors and hedge funds own 80.43% of the company’s stock.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the completion of the sale, the chief financial officer now owns 245 shares of the company’s stock, valued at $41,405. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total value of $658,000.00. Following the sale, the insider now directly owns 41,902 shares of the company’s stock, valued at approximately $6,892,879. The disclosure for this sale can be found here. Insiders sold 58,233 shares of company stock worth $9,624,355 in the last 90 days. 0.62% of the stock is currently owned by corporate insiders.
Shares of Cummins Inc. (NYSE CMI) traded up 0.49% on Tuesday, reaching $165.47. 335,612 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $158.29 and its 200-day moving average price is $156.27. The company has a market capitalization of $27.63 billion, a P/E ratio of 18.70 and a beta of 1.10. Cummins Inc. has a 12 month low of $116.87 and a 12 month high of $170.68.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the prior year, the company posted $2.40 EPS. The company’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were issued a $1.08 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.62%. This is an increase from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 48.76%.
A number of equities research analysts have recently commented on CMI shares. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 price target on shares of Cummins in a report on Monday, June 5th. Stifel Nicolaus lifted their price target on shares of Cummins from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Thursday, June 15th. Deutsche Bank AG lifted their price target on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a report on Tuesday, July 4th. Finally, Seaport Global Securities reissued a “neutral” rating on shares of Cummins in a research report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. Cummins presently has an average rating of “Hold” and a consensus target price of $160.58.
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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