Cummins Inc. (NYSE:CMI) Shares Sold by Farmers & Merchants Investments Inc.
Farmers & Merchants Investments Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 13.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,024 shares of the company’s stock after selling 1,218 shares during the period. Farmers & Merchants Investments Inc.’s holdings in Cummins were worth $1,302,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in CMI. UBS Asset Management Americas Inc. increased its position in Cummins by 4.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 565,129 shares of the company’s stock valued at $77,236,000 after buying an additional 21,607 shares during the period. Teachers Advisors LLC increased its position in Cummins by 95.2% in the fourth quarter. Teachers Advisors LLC now owns 565,071 shares of the company’s stock valued at $77,228,000 after buying an additional 275,553 shares during the period. Kentucky Retirement Systems acquired a new position in Cummins during the fourth quarter valued at approximately $1,529,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Cummins during the fourth quarter valued at approximately $682,000. Finally, Highbridge Capital Management LLC increased its position in shares of Cummins by 296.1% in the fourth quarter. Highbridge Capital Management LLC now owns 18,373 shares of the company’s stock valued at $2,511,000 after buying an additional 13,734 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cummins Inc. (CMI) traded down 0.32% on Friday, hitting $150.79. The company had a trading volume of 1,467,309 shares. The stock’s 50-day moving average is $161.81 and its 200 day moving average is $155.47. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68. The company has a market capitalization of $25.18 billion, a price-to-earnings ratio of 17.04 and a beta of 1.09.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the 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 business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the business earned $2.40 EPS. Cummins’s revenue for the quarter was up 12.1% compared to the same quarter last year. 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. Stockholders of record on Friday, August 18th will be issued a dividend of $1.08 per share. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.86%. Cummins’s dividend payout ratio (DPR) is 48.76%.
Several research firms recently weighed in on CMI. Deutsche Bank AG lifted their price target on shares of Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a report on Tuesday, July 4th. ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Thursday, July 20th. Goldman Sachs Group, Inc. (The) cut shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 target price on the stock. in a report on Monday, August 7th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $166.00 price target on shares of Cummins in a research note on Wednesday, July 12th. 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’s stock. Cummins currently has a consensus rating of “Hold” and a consensus target price of $156.21.
In related news, COO Richard Joseph Freeland sold 22,550 shares of Cummins stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $165.00, for a total value of $3,720,750.00. Following the transaction, the chief operating officer now owns 14,131 shares in the company, valued at $2,331,615. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Anant Talaulicar sold 1,650 shares of Cummins stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total value of $259,875.00. Following the completion of the transaction, the vice president now owns 13,029 shares in the company, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock worth $10,053,755 in the last 90 days. Insiders own 0.62% of the company’s stock.
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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