Sterling Investment Advisors Ltd. reduced its holdings in shares of Cummins Inc. (NYSE:CMI) by 18.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,700 shares of the company’s stock after selling 2,208 shares during the period. Sterling Investment Advisors Ltd.’s holdings in Cummins were worth $1,662,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in CMI. Gradient Investments LLC grew its stake in Cummins by 102.8% during the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after purchasing an additional 74 shares during the last quarter. Whitener Capital Management Inc. boosted its position in Cummins by 2.8% during the first quarter. Whitener Capital Management Inc. now owns 2,800 shares of the company’s stock worth $442,000 after purchasing an additional 75 shares in the last quarter. Wetherby Asset Management Inc. boosted its position in Cummins by 1.6% during the first quarter. Wetherby Asset Management Inc. now owns 4,653 shares of the company’s stock worth $734,000 after purchasing an additional 75 shares in the last quarter. Unison Advisors LLC boosted its position in Cummins by 0.7% during the second quarter. Unison Advisors LLC now owns 10,722 shares of the company’s stock worth $1,837,000 after purchasing an additional 77 shares in the last quarter. Finally, Chicago Equity Partners LLC boosted its position in Cummins by 1.9% during the second quarter. Chicago Equity Partners LLC now owns 4,185 shares of the company’s stock worth $717,000 after purchasing an additional 80 shares in the last quarter. 81.45% of the stock is currently owned by institutional investors.
A number of equities analysts have issued reports on the company. Morgan Stanley lowered their price target on Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. ValuEngine downgraded Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Stifel Nicolaus increased their price target on Cummins from $176.00 to $183.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Loop Capital downgraded Cummins from a “hold” rating to a “sell” rating and lowered their price target for the stock from $168.00 to $145.00 in a research report on Tuesday, July 2nd. Finally, Standpoint Research downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $166.67.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The firm had revenue of $6.22 billion for the quarter, compared to analyst estimates of $6.36 billion. During the same period in the previous year, the company earned $4.14 EPS. Cummins’s revenue was up 1.5% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 15.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st will be issued a dividend of $1.311 per share. The ex-dividend date is Tuesday, August 20th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.69%. This is a boost from Cummins’s previous quarterly dividend of $1.14. Cummins’s dividend payout ratio is presently 39.61%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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