Pathstone Family Office LLC Invests $153,000 in Cummins Inc. (NYSE:CMI)
Pathstone Family Office LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,013 shares of the company’s stock, valued at approximately $153,000.
Several other hedge funds also recently added to or reduced their stakes in the company. Pinnacle Bank purchased a new stake in shares of Cummins during the first quarter worth approximately $105,000. Cohen Capital Management Inc. purchased a new stake in shares of Cummins during the first quarter worth approximately $121,000. First Manhattan Co. raised its stake 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 last quarter. 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, SRS Capital Advisors Inc. increased its position in shares of Cummins by 15.0% in the first quarter. SRS Capital Advisors Inc. now owns 1,121 shares of the company’s stock worth $169,000 after buying an additional 146 shares during the period. 80.34% of the stock is currently owned by institutional investors.
Cummins Inc. (CMI) traded down 0.08% on Monday, reaching $160.03. The company’s stock had a trading volume of 968,574 shares. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $170.68. The stock has a market cap of $26.73 billion, a PE ratio of 18.09 and a beta of 1.09. The company’s 50 day moving average price is $163.27 and its 200-day moving average price is $154.51.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.40 earnings per share. On average, equities analysts expect that Cummins Inc. will post $7.98 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $1.08 dividend. This is an increase 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 dividend on an annualized basis and a yield of 2.70%. Cummins’s dividend payout ratio is presently 46.28%.
A number of equities analysts have recently issued reports on the company. ValuEngine downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada reiterated a “hold” rating and issued a $166.00 target price on shares of Cummins in a report on Wednesday, July 12th. Piper Jaffray Companies reiterated a “hold” rating and issued a $161.00 target price on shares of Cummins in a report on Wednesday, July 12th. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $154.33.
In other news, Director Alexis M. Herman sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total transaction of $206,908.00. Following the completion of the sale, the director now owns 29,656 shares in the company, valued at approximately $4,720,048.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total transaction of $658,000.00. Following the transaction, 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 have sold a total of 60,636 shares of company stock valued at $10,000,575 in the last 90 days. Insiders own 0.62% of the company’s stock.
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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