Afam Capital Inc. Reduces Position in Cummins Inc. (CMI)
Afam Capital Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 3.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,460 shares of the company’s stock after selling 1,189 shares during the period. Afam Capital Inc.’s holdings in Cummins were worth $5,752,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp raised its position in shares of Cummins by 0.5% during the 1st quarter. State Street Corp now owns 12,238,897 shares of the company’s stock valued at $1,850,515,000 after acquiring an additional 61,286 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Cummins by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock valued at $1,884,074,000 after acquiring an additional 298,352 shares in the last quarter. BlackRock Inc. raised its position in shares of Cummins by 4.1% during the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock valued at $1,724,930,000 after acquiring an additional 422,135 shares in the last quarter. American International Group Inc. raised its position in shares of Cummins by 1.7% during the 1st quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock valued at $524,826,000 after acquiring an additional 59,401 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Cummins by 2.9% during the 2nd quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock valued at $439,732,000 after acquiring an additional 77,116 shares in the last quarter. 80.38% of the stock is currently owned by institutional investors and hedge funds.
Cummins Inc. (NYSE:CMI) traded up 0.41% on Friday, hitting $172.62. The stock had a trading volume of 709,788 shares. Cummins Inc. has a 1-year low of $121.22 and a 1-year high of $174.17. The firm’s 50-day moving average price is $165.76 and its 200-day moving average price is $159.25. The firm has a market cap of $28.83 billion, a P/E ratio of 19.51 and a beta of 1.13.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by ($0.05). The firm had revenue of $5.08 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business posted $2.40 earnings per share. On average, equities research analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be paid a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.50%. Cummins’s dividend payout ratio (DPR) is currently 48.76%.
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Several research firms recently issued reports on CMI. Citigroup Inc. upped their price target on Cummins from $175.00 to $183.00 and gave the company a “neutral” rating in a research report on Friday. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $188.00 price target on the stock in a research report on Monday, October 2nd. Longbow Research lowered Cummins from a “buy” rating to a “neutral” rating in a research report on Thursday. Robert W. Baird reissued a “sell” rating and set a $153.00 price target on shares of Cummins in a research report on Thursday. Finally, Wells Fargo & Company upped their price target on Cummins from $184.50 to $190.00 and gave the company a “market perform” rating in a research report on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the stock. Cummins currently has an average rating of “Hold” and an average target price of $164.91.
In other news, insider Jill E. Cook sold 7,000 shares of Cummins stock in a transaction on Monday, July 24th. The stock was sold at an average price of $165.86, for a total value of $1,161,020.00. Following the completion of the sale, the insider now directly owns 9,671 shares of the company’s stock, valued at approximately $1,604,032.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction 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 completion of the sale, the director now directly owns 5,814 shares of the company’s stock, valued at $925,995.78. The disclosure for this sale can be found here. Insiders sold a total of 17,633 shares of company stock valued at $2,942,108 over the last three months. Insiders own 0.62% of the company’s stock.
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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