Investment Centers of America Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 10.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,453 shares of the company’s stock after purchasing an additional 510 shares during the period. Investment Centers of America Inc.’s holdings in Cummins were worth $880,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. World Asset Management Inc lifted its stake in Cummins by 10.1% during the first quarter. World Asset Management Inc now owns 16,701 shares of the company’s stock worth $2,525,000 after purchasing an additional 1,528 shares during the last quarter. Bank of America Corp DE lifted its stake in Cummins by 8.6% during the first quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock worth $118,055,000 after purchasing an additional 62,046 shares during the last quarter. Alambic Investment Management L.P. lifted its stake in Cummins by 0.7% during the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock worth $365,000 after purchasing an additional 16 shares during the last quarter. AGF Investments America Inc. lifted its stake in Cummins by 41.5% during the second quarter. AGF Investments America Inc. now owns 38,653 shares of the company’s stock worth $6,270,000 after purchasing an additional 11,338 shares during the last quarter. Finally, Janus Capital Management LLC lifted its stake in Cummins by 64.5% during the first quarter. Janus Capital Management LLC now owns 612,242 shares of the company’s stock worth $92,571,000 after purchasing an additional 240,040 shares during the last quarter. Hedge funds and other institutional investors own 80.43% of the company’s stock.

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Cummins Inc. (CMI) traded down 0.87% during mid-day trading on Friday, reaching $165.23. The company had a trading volume of 2,322,073 shares. The firm has a 50-day moving average price of $158.42 and a 200 day moving average price of $156.70. Cummins Inc. has a 12-month low of $119.04 and a 12-month high of $170.68. The firm has a market capitalization of $27.59 billion, a price-to-earnings ratio of 18.68 and a beta of 1.10.

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 analysts’ consensus estimates 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 the consensus estimate of $4.80 billion. During the same period in the prior year, the firm posted $2.40 earnings per share. The business’s revenue was up 12.1% on a year-over-year basis. Analysts expect that Cummins Inc. will post $7.98 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were issued a dividend of $1.08 per share. 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%. The ex-dividend date was Wednesday, August 16th. Cummins’s payout ratio is currently 48.76%.

Several research firms have weighed in on CMI. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $186.00 target price for the company in a research note on Friday. Jefferies Group LLC restated a “hold” rating and set a $165.00 target price (up from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. Stifel Nicolaus restated a “hold” rating and set a $168.00 target price (up from $160.00) on shares of Cummins in a research note on Tuesday, August 8th. Piper Jaffray Companies restated a “hold” rating and set a $159.00 target price on shares of Cummins in a research note on Thursday, August 3rd. Finally, Deutsche Bank AG cut 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $161.15.

In related news, COO Richard Joseph Freeland sold 22,550 shares of Cummins stock in a transaction 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 transaction, the chief operating officer now owns 14,131 shares in the company, valued at approximately $2,331,615. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total transaction of $658,000.00. Following the completion of the transaction, the insider now owns 41,902 shares in the company, valued at approximately $6,892,879. The disclosure for this sale can be found here. Insiders have sold a total of 58,233 shares of company stock valued at $9,624,355 over the last ninety days. 0.62% of the stock is currently owned by insiders.

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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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