Yorktown Management & Research Co Inc Holds Position in Cummins Inc. (CMI)
Yorktown Management & Research Co Inc held its position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,700 shares of the company’s stock at the end of the second quarter. Yorktown Management & Research Co Inc’s holdings in Cummins were worth $276,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Carroll Financial Associates Inc. grew its holdings 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 acquiring an additional 83 shares in the last quarter. Captrust Financial Advisors bought a new position in shares of Cummins in the second quarter valued at approximately $137,000. First Interstate Bank grew its holdings 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 acquiring an additional 194 shares in the last quarter. Harbour Capital Advisors LLC bought a new position in shares of Cummins in the first quarter valued at approximately $150,000. Finally, Horrell Capital Management Inc. bought a new position in shares of Cummins in the second quarter valued at approximately $164,000. 80.38% of the stock is owned by institutional investors.
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CMI has been the subject of several recent analyst reports. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Stifel Nicolaus upped their target price on Cummins from $155.00 to $160.00 and gave the company a “hold” rating in a report on Thursday, June 15th. Buckingham Research started coverage on Cummins in a report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 target price for the company. Zacks Investment Research lowered Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, August 30th. Finally, Goldman Sachs Group, Inc. (The) lowered Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective for the company. in a report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $161.15.
In other Cummins news, insider Tony Satterthwaite sold 4,000 shares of the business’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total value of $658,000.00. Following the sale, the insider now owns 41,902 shares in the company, valued at approximately $6,892,879. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction 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 completion of the sale, the director now owns 5,814 shares in the company, valued at approximately $925,995.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,183 shares of company stock worth $7,320,858. Corporate insiders own 0.62% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at 165.23 on Monday. The stock has a market cap of $27.59 billion, a P/E ratio of 18.68 and a beta of 1.10. The firm’s 50 day moving average price is $158.42 and its 200 day moving average price is $156.70. Cummins Inc. has a 52-week low of $118.28 and a 52-week high of $170.68.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.40 EPS. On average, 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. Shareholders of record on Friday, August 18th were paid a $1.08 dividend. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $4.32 annualized dividend and a yield of 2.61%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is presently 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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