Usca Ria LLC Has $4.50 Million Stock Position in Cummins Inc. (NYSE:CMI)
Usca Ria LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 26,251 shares of the company’s stock after selling 197 shares during the quarter. Cummins comprises approximately 1.3% of Usca Ria LLC’s holdings, making the stock its 24th largest holding. Usca Ria LLC’s holdings in Cummins were worth $4,498,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Gradient Investments LLC lifted its stake in shares of Cummins by 102.8% in the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after purchasing an additional 74 shares during the period. Guidant Wealth Advisors acquired a new position in shares of Cummins in the 1st quarter valued at $29,000. Sonora Investment Management LLC acquired a new position in shares of Cummins in the 2nd quarter valued at $32,000. Lenox Wealth Advisors LLC acquired a new position in shares of Cummins in the 2nd quarter valued at $33,000. Finally, SeaBridge Investment Advisors LLC acquired a new position in shares of Cummins in the 1st quarter valued at $32,000. 81.51% of the stock is currently owned by institutional investors.
A number of research firms have recently weighed in on CMI. Evercore ISI reissued an “in-line” rating and issued a $169.00 price target (up previously from $163.00) on shares of Cummins in a research note on Friday, May 31st. Wells Fargo & Co lowered their price objective on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating for the company in a research report on Monday, June 3rd. ValuEngine cut shares of Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Credit Suisse Group upped their price objective on shares of Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, UBS Group upped their price objective on shares of Cummins from $130.00 to $135.00 and gave the company a “sell” rating in a research report on Wednesday, May 1st. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $166.67.
Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the Zacks’ consensus estimate of $4.38 by ($0.11). The firm had revenue of $6.22 billion during the quarter, compared to the consensus estimate of $6.36 billion. Cummins had a net margin of 10.74% and a return on equity of 29.75%. Cummins’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.14 EPS. As a group, equities analysts expect that Cummins Inc. will post 15.84 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st will be issued a dividend of $1.311 per share. This represents a $5.24 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date is Tuesday, August 20th. This is a boost from Cummins’s previous quarterly dividend of $1.14. Cummins’s dividend payout ratio is 34.47%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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