Cummins Inc. (CMI) Holdings Lifted by Uniplan Investment Counsel Inc.
Uniplan Investment Counsel Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 9.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 94,544 shares of the company’s stock after acquiring an additional 8,490 shares during the period. Uniplan Investment Counsel Inc. owned approximately 0.06% of Cummins worth $15,337,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Carroll Financial Associates Inc. lifted its holdings in Cummins by 13.4% during the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after acquiring an additional 83 shares in the last quarter. First Interstate Bank lifted its holdings in Cummins by 26.3% during the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after acquiring an additional 194 shares in the last quarter. Harbour Capital Advisors LLC bought a new position in Cummins during the first quarter worth about $150,000. Pathstone Family Office LLC bought a new position in Cummins during the first quarter worth about $153,000. Finally, Horrell Capital Management Inc. bought a new position in Cummins during the second quarter worth about $164,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.
Cummins Inc. (CMI) traded up 0.68% during trading on Tuesday, hitting $165.79. The stock had a trading volume of 72,582 shares. The firm has a market capitalization of $27.69 billion, a PE ratio of 18.74 and a beta of 1.10. The firm has a 50 day moving average price of $158.29 and a 200-day moving average price of $156.27. Cummins Inc. has a 1-year low of $116.87 and a 1-year high of $170.68.
Cummins (NYSE:CMI) last issued 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. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the previous year, the business earned $2.40 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post $7.98 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were paid a dividend of $1.08 per share. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.62%. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is presently 48.76%.
In other news, insider Jill E. Cook sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $165.86, for a total transaction of $1,161,020.00. Following the completion of the sale, the insider now owns 9,671 shares in the company, valued at approximately $1,604,032.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 58,233 shares of company stock valued at $9,624,355. 0.62% of the stock is currently owned by company insiders.
A number of analysts have recently commented on the company. Jefferies Group LLC restated a “hold” rating and issued a $165.00 price target (up from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. Stifel Nicolaus restated a “hold” rating and issued a $168.00 price target (up from $160.00) on shares of Cummins in a report on Tuesday, August 8th. Piper Jaffray Companies restated a “hold” rating and issued a $159.00 price target on shares of Cummins in a report on Thursday, August 3rd. Deutsche Bank AG cut their price target on Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a report on Wednesday, August 2nd. Finally, Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $177.00 price target on the stock in a report on Friday, August 4th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $160.58.
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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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