First National Trust Co. Lowers Stake in Cummins Inc. (CMI)
First National Trust Co. lowered its stake in Cummins Inc. (NYSE:CMI) by 14.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,410 shares of the company’s stock after selling 1,371 shares during the period. First National Trust Co.’s holdings in Cummins were worth $1,364,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Carroll Financial Associates Inc. increased its position in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares during the last quarter. 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 worth $127,000 after buying an additional 40 shares during the last quarter. 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 worth $141,000 after buying an additional 194 shares during the last quarter. Harbour Capital Advisors LLC acquired a new position in Cummins during the first quarter worth about $150,000. Finally, Pathstone Family Office LLC acquired a new position in Cummins during the first quarter worth about $153,000. Institutional investors and hedge funds own 80.66% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) opened at 152.38 on Thursday. The stock has a 50 day moving average price of $160.98 and a 200-day moving average price of $155.65. The company has a market capitalization of $25.45 billion, a PE ratio of 17.22 and a beta of 1.09. Cummins Inc. has a 52 week low of $116.03 and a 52 week high of $170.68.
Cummins (NYSE:CMI) last released its 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. The firm had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.40 EPS. Equities research analysts expect 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 paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Wednesday, August 16th. 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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A number of research analysts have issued reports on the stock. Stifel Nicolaus upped their target price on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. Royal Bank Of Canada restated a “hold” rating and set a $166.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Zacks Investment Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Piper Jaffray Companies restated a “hold” rating and set a $161.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Finally, Jefferies Group LLC restated a “hold” rating and set a $160.00 target price (up from $150.00) on shares of Cummins in a research report on Tuesday, May 2nd. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $156.21.
In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the transaction, the director now owns 5,814 shares in the company, valued at $925,995.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $845,000.00. Following the transaction, the chief financial officer now owns 245 shares of the company’s stock, valued at approximately $41,405. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,883 shares of company stock valued at $9,884,230. 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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