Cambridge Investment Research Advisors Inc. Has $4.16 Million Position in Cummins Inc. (CMI)
Cambridge Investment Research Advisors Inc. decreased its position in shares of Cummins Inc. (NYSE:CMI) by 2.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,661 shares of the company’s stock after selling 688 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Cummins were worth $4,163,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the stock. Macquarie Group Ltd. raised its stake in Cummins by 49.2% in the fourth quarter. Macquarie Group Ltd. now owns 9,400 shares of the company’s stock worth $1,285,000 after buying an additional 3,100 shares in the last quarter. First Manhattan Co. raised its stake 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 in the last quarter. B & T Capital Management DBA Alpha Capital Management raised its stake in Cummins by 0.9% in the first quarter. B & T Capital Management DBA Alpha Capital Management now owns 7,138 shares of the company’s stock worth $1,079,000 after buying an additional 62 shares in the last quarter. Dubuque Bank & Trust Co. raised its stake in Cummins by 2.1% in the first quarter. Dubuque Bank & Trust Co. now owns 3,643 shares of the company’s stock worth $551,000 after buying an additional 76 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Cummins by 3.0% in the first quarter. Janney Montgomery Scott LLC now owns 24,353 shares of the company’s stock worth $3,682,000 after buying an additional 700 shares in the last quarter. Institutional investors own 80.40% of the company’s stock.
Cummins Inc. (NYSE:CMI) opened at 152.71 on Tuesday. The firm has a market cap of $25.50 billion, a P/E ratio of 17.26 and a beta of 1.09. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $170.68. The firm has a 50-day moving average of $160.30 and a 200-day moving average of $155.66.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion during 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 business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.40 earnings per share. On average, analysts expect that Cummins Inc. will post $7.98 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a $1.08 dividend. The ex-dividend date is Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a yield of 2.83%. Cummins’s payout ratio is 48.76%.
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CMI has been the topic of a number of analyst reports. Jefferies Group LLC reiterated a “hold” rating and set a $160.00 price objective (up previously from $150.00) on shares of Cummins in a research note on Tuesday, May 2nd. Stifel Nicolaus reiterated a “hold” rating and set a $155.00 price objective (up previously from $150.00) on shares of Cummins in a research note on Wednesday, May 3rd. Deutsche Bank AG reiterated a “sell” rating and set a $154.00 price objective (up previously from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 price objective on shares of Cummins in a research note on Monday, June 5th. 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 company. The company currently has an average rating of “Hold” and a consensus target price of $156.21.
In related news, insider Tony Satterthwaite sold 4,000 shares of the business’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total value of $658,000.00. Following the completion of the sale, the insider now directly owns 41,902 shares in the company, valued at approximately $6,892,879. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Pat Ward sold 14,050 shares of the business’s stock in a transaction on Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the completion of the sale, the chief financial officer now owns 13,395 shares of the company’s stock, valued at $2,196,110.25. The disclosure for this sale can be found here. Insiders sold a total of 58,233 shares of company stock valued at $9,624,355 over the last 90 days. 0.62% of the stock is currently owned by corporate insiders.
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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