DAVENPORT & Co LLC cut its position in Cummins Inc. (NYSE:CMI) by 1.6% during the second quarter, Holdings Channel reports. The fund owned 9,274 shares of the company’s stock after selling 150 shares during the period. DAVENPORT & Co LLC’s holdings in Cummins were worth $1,268,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Pinnacle Bank acquired a new stake in Cummins during the first quarter worth $105,000. Cohen Capital Management Inc. purchased a new stake in Cummins during the first quarter valued at approximately $121,000. First Manhattan Co. raised its stake in 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 in the last quarter. First Interstate Bank raised its stake in 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 in the last quarter. Finally, Harbour Capital Advisors LLC purchased a new stake in Cummins during the first quarter valued at approximately $150,000. Hedge funds and other institutional investors own 80.15% of the company’s stock.
Cummins Inc. (NYSE:CMI) opened at 167.22 on Friday. The stock has a market capitalization of $27.98 billion, a P/E ratio of 19.17 and a beta of 1.08. The firm’s 50-day moving average is $163.10 and its 200 day moving average is $153.97. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $167.53.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 2nd. The company reported $2.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.81 by $0.55. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The business had revenue of $4.59 billion for the quarter, compared to analysts’ expectations of $4.15 billion. During the same period in the prior year, the company posted $1.87 EPS. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post $7.98 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders 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 2.58%. Cummins’s dividend payout ratio is 46.96%.
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Several analysts recently commented on the stock. Barclays PLC set a $137.00 price target on shares of Cummins and gave the company a “hold” rating in a research report on Saturday, April 1st. Royal Bank Of Canada restated a “hold” rating and set a $166.00 price target on shares of Cummins in a research report on Wednesday, July 12th. Piper Jaffray Companies restated a “hold” rating and set a $161.00 price target on shares of Cummins in a research report on Wednesday, July 12th. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research report on Thursday, July 20th. Finally, Jefferies Group LLC restated a “hold” rating and set a $160.00 price target (up previously from $150.00) on shares of Cummins in a research report on Tuesday, May 2nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $151.84.
In related news, CFO Pat Ward sold 5,000 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $845,000.00. Following the sale, the chief financial officer now directly owns 245 shares of the company’s stock, valued at approximately $41,405. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Norman Thomas Linebarger sold 24,000 shares of the stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $163.00, for a total transaction of $3,912,000.00. Following the completion of the sale, the chief executive officer now directly owns 24,607 shares in the company, valued at $4,010,941. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 91,176 shares of company stock worth $14,978,595. Corporate insiders own 0.62% of the company’s stock.
About Cummins
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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