North Star Investment Management Corp. continued to hold its position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,000 shares of the company’s stock at the end of the second quarter. North Star Investment Management Corp.’s holdings in Cummins were worth $487,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pinnacle Bank bought a new position in shares of Cummins during the first quarter valued at about $105,000. Cohen Capital Management Inc. bought a new position in shares of Cummins during the first quarter valued at about $121,000. First Manhattan Co. raised its position in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares during the period. First Interstate Bank raised its position in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the period. Finally, Harbour Capital Advisors LLC bought a new position in shares of Cummins during the first quarter valued at about $150,000. Institutional investors own 79.95% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) opened at 164.39 on Friday. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $167.17. The stock has a market capitalization of $27.50 billion, a price-to-earnings ratio of 18.85 and a beta of 1.08. The stock’s 50 day moving average is $161.63 and its 200-day moving average is $152.87.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, May 2nd. The company reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.55. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The firm had revenue of $4.59 billion during the quarter, compared to analysts’ expectations of $4.15 billion. During the same period in the previous year, the company earned $1.87 EPS. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, analysts expect that Cummins Inc. will post $7.98 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be paid a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.63%. Cummins’s payout ratio is currently 46.96%.
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Several research analysts recently issued reports on CMI shares. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $167.00 target price for the company in a research report on Wednesday, April 12th. Credit Suisse Group set a $173.00 target price on shares of Cummins and gave the stock a “buy” rating in a research report on Monday, March 27th. Barclays PLC upped their target price on shares of Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $150.00 target price on shares of Cummins in a research report on Wednesday, April 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. Cummins presently has a consensus rating of “Hold” and an average target price of $151.84.
In related news, COO Richard Joseph Freeland sold 22,550 shares of Cummins stock in a transaction dated 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 of the company’s stock, valued at approximately $2,331,615. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $164.50, for a total transaction of $658,000.00. Following the transaction, the insider now directly owns 41,902 shares of the company’s stock, valued at $6,892,879. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 79,176 shares of company stock valued at $12,900,695. 0.62% of the stock is owned by corporate insiders.
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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