Prudential Financial Inc. Acquires 122,732 Shares of Cummins Inc. (CMI)
Prudential Financial Inc. raised its position in Cummins Inc. (NYSE:CMI) by 29.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 533,922 shares of the company’s stock after buying an additional 122,732 shares during the period. Prudential Financial Inc. owned approximately 0.32% of Cummins worth $86,612,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in the company. Royce & Associates LP boosted its stake in shares of Cummins by 2.4% in the second quarter. Royce & Associates LP now owns 21,000 shares of the company’s stock worth $3,407,000 after buying an additional 500 shares during the period. Parallel Advisors LLC boosted its stake in shares of Cummins by 2.2% in the second quarter. Parallel Advisors LLC now owns 5,010 shares of the company’s stock worth $841,000 after buying an additional 106 shares during the period. First Interstate Bank boosted its stake in shares of Cummins by 2.7% in the second quarter. First Interstate Bank now owns 956 shares of the company’s stock worth $155,000 after buying an additional 25 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its stake in shares of Cummins by 6.0% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 5,145 shares of the company’s stock worth $835,000 after buying an additional 290 shares during the period. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Cummins during the second quarter worth $6,138,000. Institutional investors and hedge funds own 80.66% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) opened at 152.10 on Friday. The company has a 50-day moving average of $160.30 and a 200 day moving average of $155.66. The stock has a market cap of $25.40 billion, a PE ratio of 17.19 and a beta of 1.09. Cummins Inc. has a one year low of $116.03 and a one year high of $170.68.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.58 by $0.05. The business had revenue of $5.08 billion for 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 business’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the business posted $2.40 earnings per share. On average, analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.84%. 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 (DPR) is 48.76%.
A number of equities research analysts have weighed in on the stock. Stifel Nicolaus restated a “hold” rating and issued a $168.00 price objective (up previously from $160.00) on shares of Cummins in a report on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) cut shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective on the stock. in a report on Monday, August 7th. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $177.00 price objective on the stock in a report on Friday, August 4th. Piper Jaffray Companies restated a “hold” rating and issued a $159.00 price objective on shares of Cummins in a report on Thursday, August 3rd. Finally, Jefferies Group LLC restated a “hold” rating and issued a $165.00 price objective (up previously from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company’s stock. Cummins presently has an average rating of “Hold” and a consensus price target of $156.21.
In related news, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total value of $658,000.00. Following the transaction, the insider now directly owns 41,902 shares in the company, valued at approximately $6,892,879. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction of $259,875.00. Following the completion of the transaction, the vice president now owns 13,029 shares in the company, valued at $2,052,067.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,883 shares of company stock worth $9,884,230. 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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