Stifel Financial Corp Acquires 15,423 Shares of Cummins Inc. (CMI)
Stifel Financial Corp increased its holdings in Cummins Inc. (NYSE:CMI) by 17.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 106,037 shares of the company’s stock after purchasing an additional 15,423 shares during the period. Stifel Financial Corp owned approximately 0.06% of Cummins worth $17,180,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Bayesian Capital Management LP raised its position in Cummins by 140.0% in the second quarter. Bayesian Capital Management LP now owns 7,000 shares of the company’s stock worth $1,136,000 after purchasing an additional 4,083 shares in the last quarter. Numeric Investors LLC raised its position in Cummins by 1,908.7% in the second quarter. Numeric Investors LLC now owns 46,200 shares of the company’s stock worth $7,495,000 after purchasing an additional 43,900 shares in the last quarter. Brandywine Global Investment Management LLC raised its position in Cummins by 1.7% in the second quarter. Brandywine Global Investment Management LLC now owns 208,121 shares of the company’s stock worth $33,762,000 after purchasing an additional 3,519 shares in the last quarter. Zacks Investment Management acquired a new position in Cummins in the second quarter worth about $2,044,000. Finally, Mckinley Capital Management LLC Delaware acquired a new position in Cummins in the second quarter worth about $393,000. 80.38% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE CMI) traded down 0.18% during mid-day trading on Friday, hitting $168.03. 755,347 shares of the company were exchanged. The company’s 50-day moving average price is $158.40 and its 200-day moving average price is $157.01. The firm has a market capitalization of $28.06 billion, a P/E ratio of 18.99 and a beta of 1.10. Cummins Inc. has a 12-month low of $119.41 and a 12-month high of $170.68.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate 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 for the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the company posted $2.40 EPS. The business’s revenue was up 12.1% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The company also recently declared 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 represents a $4.32 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend was Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is 48.76%.
Several research analysts recently issued reports on CMI shares. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Deutsche Bank AG increased their price target on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research report on Tuesday, July 4th. ValuEngine lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. Goldman Sachs Group, Inc. (The) lowered shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price target for the company. in a research report on Monday, August 7th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $166.00 price target on shares of Cummins in a research report on Monday, June 5th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $161.21.
In related news, COO Richard Joseph Freeland sold 22,550 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the completion of the transaction, the chief operating officer now directly owns 14,131 shares in the company, valued at approximately $2,331,615. The transaction was disclosed in a filing with the SEC, which is available through 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 stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the transaction, the director now owns 5,814 shares of the company’s stock, valued at $925,995.78. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,183 shares of company stock valued at $7,320,858. 0.62% of the stock is currently owned by insiders.
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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