Oppenheimer Asset Management Inc. grew its position in Cummins Inc. (NYSE:CMI) by 2.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,259 shares of the company’s stock after buying an additional 154 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Cummins were worth $1,015,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Carroll Financial Associates Inc. grew its stake in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares in the last quarter. First Interstate Bank grew its stake in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares in the last quarter. Harbour Capital Advisors LLC acquired a new stake in shares of Cummins in the first quarter valued at $150,000. Horrell Capital Management Inc. acquired a new position in Cummins during the 2nd quarter worth $164,000. Finally, Pathstone Family Office LLC acquired a new position in Cummins during the 1st quarter worth $153,000. 80.43% of the stock is owned by institutional investors and hedge funds.

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CMI has been the subject of several analyst reports. Royal Bank Of Canada reissued a “hold” rating and set a $166.00 target price on shares of Cummins in a research note on Monday, June 5th. Buckingham Research initiated coverage on Cummins in a research note on Tuesday, September 5th. They set a “buy” rating and a $180.00 target price for the company. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Deutsche Bank AG lowered their target price on Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research note on Wednesday, August 2nd. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $159.00 target price on shares of Cummins in a research note on Thursday, August 3rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $160.58.

Cummins Inc. (NYSE:CMI) opened at 162.82 on Monday. The firm has a market capitalization of $27.19 billion, a PE ratio of 18.40 and a beta of 1.10. The stock’s 50 day moving average price is $158.49 and its 200 day moving average price is $156.18. Cummins Inc. has a 52-week low of $116.30 and a 52-week high of $170.68.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the consensus estimate of $2.58 by $0.05. The business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The firm’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.40 earnings per share. Analysts expect that Cummins Inc. will post $7.98 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.65%. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date was Wednesday, August 16th. Cummins’s dividend payout ratio (DPR) is 48.76%.

In related news, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $845,000.00. Following the completion of the transaction, the chief financial officer now owns 245 shares of the company’s stock, valued at $41,405. The disclosure for this sale can be found here. Insiders sold 58,233 shares of company stock valued at $9,624,355 over the last quarter. Insiders own 0.62% of the company’s stock.

About Cummins

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.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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