Ranger International Management LP Increases Position in Cummins Inc. (CMI)
Ranger International Management LP increased its stake in Cummins Inc. (NYSE:CMI) by 39.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,435 shares of the company’s stock after buying an additional 1,820 shares during the period. Ranger International Management LP’s holdings in Cummins were worth $973,000 as of its most recent filing with the SEC.
Other large investors also recently modified their holdings of the company. Pinnacle Bank bought a new stake in shares of Cummins during the first quarter valued at approximately $105,000. Cohen Capital Management Inc. purchased a new position in Cummins during the first quarter valued at about $121,000. First Interstate Bank increased its position in Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the period. Harbour Capital Advisors LLC purchased a new position in Cummins during the first quarter valued at about $150,000. Finally, First Manhattan Co. increased its position in Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares during the period. Institutional investors own 80.34% of the company’s stock.
Cummins Inc. (NYSE:CMI) opened at 159.82 on Wednesday. The firm has a 50 day moving average price of $163.10 and a 200-day moving average price of $154.60. The firm has a market capitalization of $26.69 billion, a price-to-earnings ratio of 18.06 and a beta of 1.09. Cummins Inc. has a 12 month low of $116.03 and a 12 month high of $170.68.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The firm had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the company posted $2.40 EPS. Cummins’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post $7.98 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given 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 annualized dividend and a dividend yield of 2.70%. Cummins’s dividend payout ratio is presently 46.28%.
Several research analysts have recently issued reports on CMI shares. Wells Fargo & Company raised Cummins from a “market perform” rating to an “outperform” rating in a research note on Monday, April 17th. Piper Jaffray Companies downgraded shares of Cummins from an “overweight” rating to a “neutral” rating and cut their target price for the company from $160.00 to $144.00 in a research note on Tuesday, April 18th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Stifel Nicolaus reissued a “hold” rating and issued a $150.00 target price on shares of Cummins in a research note on Wednesday, April 12th. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $167.00 target price for the company in a research note on Wednesday, April 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $154.33.
In related news, VP Anant Talaulicar sold 1,650 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total transaction of $259,875.00. Following the sale, the vice president now owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Pat Ward sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $845,000.00. Following the sale, the chief financial officer now directly owns 245 shares in the company, valued at approximately $41,405. The disclosure for this sale can be found here. Insiders sold 59,336 shares of company stock worth $9,793,667 in the last ninety days. 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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