Cummins Inc. (CMI) Shares Sold by Fiera Capital Corp
Fiera Capital Corp reduced its holdings in Cummins Inc. (NYSE:CMI) by 39.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,165 shares of the company’s stock after selling 1,400 shares during the period. Fiera Capital Corp’s holdings in Cummins were worth $351,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Carroll Financial Associates Inc. lifted its stake in Cummins by 13.4% in the 2nd 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 stake in Cummins by 26.3% in the 1st 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 purchased a new stake in Cummins in the 1st quarter worth about $150,000. Pathstone Family Office LLC purchased a new stake in Cummins in the 1st quarter worth about $153,000. Finally, Horrell Capital Management Inc. purchased a new stake in Cummins in the 2nd quarter worth about $164,000. 80.38% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Tony Satterthwaite sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total value of $658,000.00. Following the completion of the sale, the insider now directly owns 41,902 shares in the company, valued at $6,892,879. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $845,000.00. Following the completion of the sale, the chief financial officer now owns 245 shares of the company’s stock, valued at $41,405. The disclosure for this sale can be found here. Insiders sold 44,183 shares of company stock worth $7,320,858 in the last ninety days. 0.62% of the stock is owned by company insiders.
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Shares of Cummins Inc. (CMI) opened at 167.22 on Thursday. The company has a market cap of $27.93 billion, a P/E ratio of 18.90 and a beta of 1.10. Cummins Inc. has a 12 month low of $119.41 and a 12 month high of $170.68. The firm has a 50 day moving average price of $158.40 and a 200-day moving average price of $157.01.
Cummins (NYSE:CMI) last posted 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 firm had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the company posted $2.40 EPS. Cummins’s revenue for the quarter was up 12.1% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were given a $1.08 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date was Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.58%. Cummins’s dividend payout ratio is presently 48.76%.
Several brokerages have weighed in on CMI. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $186.00 target price on the stock in a research report on Friday, September 15th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 target price (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $168.00 target price (up from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Finally, Deutsche Bank AG dropped their target price on Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a research report on Wednesday, August 2nd. One 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 a consensus rating of “Hold” and an average target price of $161.15.
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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