Cummins Inc. (CMI) Stake Lowered by Arrow Financial Corp
Arrow Financial Corp reduced its position in Cummins Inc. (NYSE:CMI) by 2.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,505 shares of the company’s stock after selling 298 shares during the period. Arrow Financial Corp’s holdings in Cummins were worth $2,354,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Johanson Financial Advisors Inc. raised its stake in Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock valued at $303,000 after buying an additional 7 shares in the last quarter. Bessemer Group Inc. raised its stake in Cummins by 1.1% in the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock valued at $187,000 after buying an additional 12 shares in the last quarter. Alambic Investment Management L.P. raised its stake in Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after buying an additional 16 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Cummins by 2.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,496 shares of the company’s stock valued at $226,000 after buying an additional 31 shares in the last quarter. Finally, Community Bank N.A. raised its stake in Cummins by 0.3% in the first quarter. Community Bank N.A. now owns 12,359 shares of the company’s stock valued at $1,869,000 after buying an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) opened at 155.59 on Wednesday. Cummins Inc. has a 52-week low of $116.03 and a 52-week high of $170.68. The stock has a market cap of $25.98 billion, a PE ratio of 17.59 and a beta of 1.09. The company’s 50-day moving average price is $162.48 and its 200-day moving average price is $155.48.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm 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. The business’s revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a dividend of $1.08 per share. 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 2.78%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is currently 46.28%.
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CMI has been the topic of several research reports. Deutsche Bank AG restated a “sell” rating and set a $154.00 price target (up from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Royal Bank Of Canada reissued a “hold” rating and issued a $166.00 target price on shares of Cummins in a report on Monday, June 5th. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Piper Jaffray Companies reissued a “hold” rating and issued a $159.00 target price on shares of Cummins in a report on Thursday, August 3rd. Finally, Stifel Nicolaus boosted their target price on Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $156.21.
In other Cummins news, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the completion of the sale, the chief financial officer now owns 245 shares of the company’s stock, valued at approximately $41,405. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Anant Talaulicar sold 1,650 shares of Cummins stock in a transaction dated Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total value of $259,875.00. Following the sale, 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. In the last ninety days, insiders have sold 60,969 shares of company stock valued at $10,053,755. 0.62% of the stock is currently owned by 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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