Kornitzer Capital Management Inc. KS cut its stake in shares of Cummins Inc. (NYSE:CMI) by 0.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 116,425 shares of the company’s stock after selling 980 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.07% of Cummins worth $13,091,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CMI. Wellington Management Group LLP raised its position in shares of Cummins by 0.5% in the first quarter. Wellington Management Group LLP now owns 237,563 shares of the company’s stock valued at $26,118,000 after buying an additional 1,204 shares in the last quarter. Candriam Luxembourg S.C.A. raised its position in shares of Cummins by 1,564.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 162,048 shares of the company’s stock valued at $18,221,000 after buying an additional 152,315 shares in the last quarter. Legal & General Group Plc raised its position in shares of Cummins by 2.7% in the first quarter. Legal & General Group Plc now owns 834,870 shares of the company’s stock valued at $91,782,000 after buying an additional 21,806 shares in the last quarter. Hermes Investment Management Ltd. raised its position in shares of Cummins by 7.0% in the second quarter. Hermes Investment Management Ltd. now owns 391,663 shares of the company’s stock valued at $44,039,000 after buying an additional 25,600 shares in the last quarter. Finally, Boston Advisors LLC raised its position in shares of Cummins by 8,914.4% in the second quarter. Boston Advisors LLC now owns 186,148 shares of the company’s stock valued at $20,930,000 after buying an additional 184,083 shares in the last quarter. 81.36% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

Shares of Cummins Inc. (NYSE:CMI) traded down 0.12% during mid-day trading on Friday, hitting $125.98. The stock had a trading volume of 816,522 shares. The company’s 50 day moving average price is $123.38 and its 200 day moving average price is $117.79. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $131.04. The stock has a market cap of $21.16 billion, a P/E ratio of 17.26 and a beta of 1.46.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 2nd. The company reported $2.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.25. The firm earned $4.50 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. Cummins’s revenue for the quarter was down 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.62 EPS. Equities research analysts predict 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 paid a $1.025 dividend. This is a boost from Cummins’s previous quarterly dividend of $0.98. This represents a $4.10 annualized dividend and a yield of 3.25%. The ex-dividend date is Thursday, November 17th. Cummins’s payout ratio is presently 55.93%.

CMI has been the subject of several research reports. Goldman Sachs Group Inc. upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $134.00 to $162.00 in a research note on Tuesday. Credit Agricole SA initiated coverage on Cummins in a research note on Friday, September 30th. They set a “buy” rating and a $150.00 price objective for the company. Jefferies Group reiterated a “hold” rating and set a $115.00 price objective on shares of Cummins in a research note on Thursday, July 7th. Deutsche Bank AG initiated coverage on Cummins in a research note on Tuesday, September 6th. They set a “sell” rating and a $111.00 price objective for the company. Finally, Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a research note on Thursday, July 14th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $114.89.

In other Cummins news, insider Jill E. Cook sold 5,981 shares of Cummins stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $120.20, for a total value of $718,916.20. Following the completion of the sale, the insider now directly owns 24,800 shares of the company’s stock, valued at approximately $2,980,960. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thaddeus B. Ewald sold 820 shares of Cummins stock in a transaction that occurred on 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 Company Profile

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.

5 Day Chart for NYSE:CMI

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