Cadence Capital Management LLC Sells 1,663 Shares of Cummins Inc. (CMI)
Cadence Capital Management LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 6.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,264 shares of the company’s stock after selling 1,663 shares during the period. Cadence Capital Management LLC’s holdings in Cummins were worth $4,261,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Columbus Circle Investors acquired a new stake in shares of Cummins during the second quarter valued at approximately $45,523,000. State Board of Administration of Florida Retirement System raised its position in shares of Cummins by 1.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 226,121 shares of the company’s stock worth $36,681,000 after buying an additional 2,733 shares during the last quarter. BB&T Securities LLC raised its position in shares of Cummins by 43.8% in the second quarter. BB&T Securities LLC now owns 5,554 shares of the company’s stock worth $900,000 after buying an additional 1,692 shares during the last quarter. Turner Investments LLC bought a new position in shares of Cummins during the second quarter worth $1,265,000. Finally, First Eagle Investment Management LLC raised its position in shares of Cummins by 0.7% in the second quarter. First Eagle Investment Management LLC now owns 1,958,189 shares of the company’s stock worth $317,657,000 after buying an additional 13,228 shares during the last quarter. Institutional investors own 80.66% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at 153.10 on Wednesday. The firm has a 50-day moving average of $161.52 and a 200-day moving average of $155.63. Cummins Inc. has a 12 month low of $116.03 and a 12 month high of $170.68. The firm has a market cap of $25.57 billion, a price-to-earnings ratio of 17.31 and a beta of 1.09.
Cummins (NYSE:CMI) last released 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. The company had revenue of $5.08 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.40 EPS. On average, analysts anticipate that Cummins Inc. will post $7.98 EPS for the current 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 given a dividend of $1.08 per share. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.82%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is presently 48.76%.
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CMI has been the subject of a number of research analyst reports. Deutsche Bank AG reaffirmed a “sell” rating and issued a $154.00 target price (up from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $166.00 target price on shares of Cummins in a research note on Monday, June 5th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $159.00 target price on shares of Cummins in a research note on Thursday, August 3rd. Finally, Stifel Nicolaus boosted their price target on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $156.21.
In related news, VP Anant Talaulicar sold 1,650 shares of the firm’s 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 directly owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Richard Joseph Freeland sold 22,550 shares of the firm’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the completion of the transaction, the chief operating officer now directly owns 14,131 shares of the company’s stock, valued at $2,331,615. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,969 shares of company stock worth $10,053,755. Company 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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