Marshall Wace North America L.P. Trims Holdings in Cummins Inc. (CMI)
Marshall Wace North America L.P. lessened its position in Cummins Inc. (NYSE:CMI) by 94.7% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 3,186 shares of the company’s stock after selling 56,589 shares during the period. Marshall Wace North America L.P.’s holdings in Cummins were worth $516,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the business. State Street Corp grew its stake in Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock valued at $1,850,515,000 after acquiring an additional 61,286 shares during the period. Vanguard Group Inc. grew its stake in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock valued at $1,710,973,000 after acquiring an additional 510,416 shares during the period. BlackRock Inc. grew its stake in Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after acquiring an additional 9,867,890 shares during the period. American International Group Inc. grew its stake in Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock valued at $524,826,000 after acquiring an additional 59,401 shares during the period. Finally, American Century Companies Inc. grew its stake in Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock valued at $398,200,000 after acquiring an additional 402,929 shares during the period. 80.43% of the stock is owned by hedge funds and other institutional investors.
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Several research analysts recently issued reports on CMI shares. Stifel Nicolaus lifted their target price on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. Piper Jaffray Companies reaffirmed a “hold” rating and set a $159.00 target price on shares of Cummins in a research report on Tuesday. Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 target price on shares of Cummins in a research report on Wednesday, July 12th. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a research 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 issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $160.58.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the transaction, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Pat Ward sold 14,050 shares of the firm’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $163.95, for a total value of $2,303,497.50. Following the completion of the transaction, the chief financial officer now owns 13,395 shares in the company, valued at $2,196,110.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 58,233 shares of company stock worth $9,624,355. Company insiders own 0.62% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) opened at 165.51 on Wednesday. Cummins Inc. has a one year low of $116.87 and a one year high of $170.68. The company has a market capitalization of $27.64 billion, a price-to-earnings ratio of 18.71 and a beta of 1.10. The company’s 50-day moving average price is $158.48 and its 200-day moving average price is $156.33.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the 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 for the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the prior year, the business posted $2.40 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 2.61%. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend was Wednesday, August 16th. Cummins’s dividend payout ratio (DPR) is currently 48.76%.
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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