Cummins Inc. (CMI) Stake Raised by Norinchukin Bank The
Norinchukin Bank The increased its position in shares of Cummins Inc. (NYSE:CMI) by 1.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,188 shares of the company’s stock after acquiring an additional 214 shares during the quarter. Norinchukin Bank The’s holdings in Cummins were worth $3,599,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. World Asset Management Inc raised its holdings in shares of Cummins by 10.1% during the first quarter. World Asset Management Inc now owns 16,701 shares of the company’s stock valued at $2,525,000 after acquiring an additional 1,528 shares during the period. Bank of America Corp DE raised its holdings in shares of Cummins by 8.6% during the first quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock valued at $118,055,000 after acquiring an additional 62,046 shares during the period. Alambic Investment Management L.P. raised its holdings in shares of Cummins by 0.7% during the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock valued at $365,000 after acquiring an additional 16 shares during the period. Janus Capital Management LLC raised its holdings in shares of Cummins by 64.5% during the first quarter. Janus Capital Management LLC now owns 612,242 shares of the company’s stock valued at $92,571,000 after acquiring an additional 240,040 shares during the period. Finally, APG Asset Management N.V. raised its holdings in shares of Cummins by 0.8% during the second quarter. APG Asset Management N.V. now owns 1,598,972 shares of the company’s stock valued at $259,385,000 after acquiring an additional 13,100 shares during the period. Institutional investors and hedge funds own 80.43% of the company’s stock.
In other news, COO Richard Joseph Freeland sold 22,550 shares of Cummins stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $165.00, for a total value of $3,720,750.00. Following the sale, the chief operating officer now directly owns 14,131 shares in the company, valued at $2,331,615. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total transaction of $658,000.00. Following the completion of the sale, the insider now owns 41,902 shares in the company, valued at $6,892,879. The disclosure for this sale can be found here. Insiders sold 58,233 shares of company stock worth $9,624,355 over the last quarter. 0.62% of the stock is owned by corporate insiders.
CMI has been the topic of a number of recent analyst reports. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Royal Bank Of Canada restated a “hold” rating and set a $166.00 price target on shares of Cummins in a report on Monday, June 5th. Stifel Nicolaus boosted their price target on shares of Cummins from $155.00 to $160.00 and gave the company a “hold” rating in a report on Thursday, June 15th. Deutsche Bank AG boosted their price target on shares of Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a report on Tuesday, July 4th. Finally, Seaport Global Securities restated a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and an average target price of $160.58.
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Cummins Inc. (NYSE:CMI) traded up 0.24% during mid-day trading on Wednesday, reaching $165.91. 269,139 shares of the company’s stock traded hands. The stock has a market cap of $27.71 billion, a P/E ratio of 18.75 and a beta of 1.10. Cummins Inc. has a 1-year low of $116.87 and a 1-year high of $170.68. The firm has a 50-day moving average price of $158.48 and a 200-day moving average price of $156.33.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.58 by ($0.05). Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the business earned $2.40 earnings per share. Cummins’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were issued a $1.08 dividend. The ex-dividend date was Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.61%. Cummins’s dividend payout ratio (DPR) is 48.76%.
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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