Cummins Inc. (CMI) Holdings Decreased by Cibc World Markets Corp
Cibc World Markets Corp lowered its holdings in Cummins Inc. (NYSE:CMI) by 46.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,839 shares of the company’s stock after selling 19,321 shares during the period. Cibc World Markets Corp’s holdings in Cummins were worth $3,543,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Carroll Financial Associates Inc. raised its holdings in shares of Cummins by 13.4% in the 2nd 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 purchased a new stake in shares of Cummins in the 2nd quarter valued at about $137,000. Acrospire Investment Management LLC purchased a new stake in shares of Cummins in the 2nd quarter valued at about $146,000. First Interstate Bank raised its holdings in shares of Cummins by 26.3% in the 1st 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. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Cummins in the 1st quarter valued at about $150,000. 80.38% of the stock is currently owned by hedge funds and other institutional investors.
CMI has been the topic of several recent analyst reports. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $166.00 price target on shares of Cummins in a report on Monday, June 5th. Buckingham Research assumed coverage on Cummins in a research report on Tuesday, September 5th. They set a “buy” rating and a $180.00 price objective on the stock. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Deutsche Bank AG reduced their price objective on Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a research report on Wednesday, August 2nd. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $159.00 price objective on shares of Cummins in a research report on Thursday, August 3rd. One equities 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. Cummins has a consensus rating of “Hold” and a consensus price target of $161.21.
In other Cummins news, CFO Pat Ward sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the sale, the chief financial officer now directly owns 245 shares in the company, valued at $41,405. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the sale, the director now owns 5,814 shares in the company, valued at $925,995.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,183 shares of company stock worth $7,320,858. Company insiders own 0.62% of the company’s stock.
Cummins Inc. (NYSE CMI) opened at 168.35 on Thursday. The company’s 50-day moving average price is $158.40 and its 200 day moving average price is $157.01. Cummins Inc. has a 52-week low of $119.41 and a 52-week high of $170.68. The company has a market capitalization of $28.11 billion, a price-to-earnings ratio of 19.03 and a beta of 1.10.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 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 firm had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the prior year, the firm posted $2.40 earnings per share. Cummins’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were given a dividend of $1.08 per share. The ex-dividend date of this dividend 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 yield of 2.58%. Cummins’s dividend payout ratio 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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