Wexford Capital LP Has $2.95 Million Stake in Cummins Inc. (NYSE:CMI)
Wexford Capital LP raised its position in Cummins Inc. (NYSE:CMI) by 1,000.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,528 shares of the company’s stock after buying an additional 17,753 shares during the period. Wexford Capital LP’s holdings in Cummins were worth $2,953,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. Pinnacle Bank acquired a new position in shares of Cummins during the first quarter worth about $105,000. Cohen Capital Management Inc. acquired a new position in shares of Cummins during the first quarter worth about $121,000. First Manhattan Co. raised its position in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock worth $127,000 after buying an additional 40 shares during the period. LeJeune Puetz Investment Counsel LLC acquired a new position in shares of Cummins during the fourth quarter worth about $137,000. Finally, First Interstate Bank raised 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. 79.98% of the stock is owned by institutional investors and hedge funds.
Cummins Inc. (NYSE CMI) traded up 1.53% during midday trading on Friday, hitting $160.16. The stock had a trading volume of 1,523,470 shares. Cummins Inc. has a one year low of $116.03 and a one year high of $170.68. The company has a market cap of $26.75 billion, a P/E ratio of 18.10 and a beta of 1.09. The stock’s 50-day moving average is $163.27 and its 200-day moving average is $154.51.
Cummins (NYSE:CMI) last released its earnings results 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 business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the firm posted $2.40 EPS. Cummins’s revenue was up 12.1% on a year-over-year basis. Equities analysts predict that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a $1.08 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.70%. Cummins’s payout ratio is 46.28%.
A number of equities analysts recently issued reports on CMI shares. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $167.00 price objective for the company in a report on Wednesday, April 12th. Barclays PLC increased their price objective on Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Stifel Nicolaus reissued a “hold” rating and issued a $155.00 price objective (up from $150.00) on shares of Cummins in a report on Wednesday, May 3rd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $160.00 price target (up from $150.00) on shares of Cummins in a research note on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. Cummins currently has a consensus rating of “Hold” and an average target price of $154.33.
In other news, Director Alexis M. Herman sold 1,300 shares of the business’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total value of $206,908.00. Following the completion of the transaction, the director now owns 29,656 shares of the company’s stock, valued at approximately $4,720,048.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Anant Talaulicar sold 1,650 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total transaction of $259,875.00. Following the completion of the transaction, the vice president now directly owns 13,029 shares of the company’s stock, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. Insiders sold a total of 60,636 shares of company stock valued at $10,000,575 in the last three months. 0.62% of the stock is owned by company insiders.
Cummins Company Profile
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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