Cummins Inc. (CMI) Position Held by Moody National Bank Trust Division
Moody National Bank Trust Division held its stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 4,365 shares of the company’s stock at the end of the second quarter. Moody National Bank Trust Division’s holdings in Cummins were worth $708,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Spinnaker Trust boosted its position in Cummins by 3.0% in the second quarter. Spinnaker Trust now owns 2,545 shares of the company’s stock valued at $413,000 after buying an additional 75 shares in the last quarter. Eagle Global Advisors LLC bought a new position in shares of Cummins during the second quarter worth about $213,000. Janney Montgomery Scott LLC boosted its position in shares of Cummins by 19.3% in the second quarter. Janney Montgomery Scott LLC now owns 29,057 shares of the company’s stock worth $4,714,000 after buying an additional 4,704 shares during the period. Harbour Capital Advisors LLC boosted its position in shares of Cummins by 10,008.1% in the second quarter. Harbour Capital Advisors LLC now owns 100,576 shares of the company’s stock worth $620,000 after buying an additional 99,581 shares during the period. Finally, IBM Retirement Fund boosted its position in shares of Cummins by 121.2% in the second quarter. IBM Retirement Fund now owns 3,886 shares of the company’s stock worth $704,000 after buying an additional 2,129 shares during the period. Institutional investors and hedge funds own 80.66% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded down 0.32% during midday trading on Friday, reaching $150.79. The company had a trading volume of 1,467,309 shares. The stock has a market capitalization of $25.18 billion, a PE ratio of 17.04 and a beta of 1.09. The stock’s 50 day moving average is $161.81 and its 200-day moving average is $155.47. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $170.68.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the 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 return on equity of 20.67% and a net margin of 8.10%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter last year, the company earned $2.40 earnings per share. On average, equities research analysts predict that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 2.86%. 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. Cummins’s dividend payout ratio is 48.76%.
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A number of brokerages have issued reports on CMI. Stifel Nicolaus restated a “hold” rating and set a $168.00 target price (up previously from $160.00) on shares of Cummins in a report on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) cut 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. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $177.00 target price on the stock in a report on Friday, August 4th. Piper Jaffray Companies reiterated a “hold” rating and set a $159.00 price objective on shares of Cummins in a report on Thursday, August 3rd. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $165.00 price objective (up previously from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $156.21.
In other Cummins news, COO Richard Joseph Freeland sold 22,550 shares of the 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 completion of the sale, the chief operating officer now owns 14,131 shares in the company, valued at approximately $2,331,615. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Anant Talaulicar sold 1,650 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total value of $259,875.00. Following the completion of the sale, the vice president now 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 60,969 shares of company stock valued at $10,053,755 over the last 90 days. 0.62% of the stock is currently 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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