North American Management Corp maintained its position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,678 shares of the company’s stock at the end of the second quarter. North American Management Corp’s holdings in Cummins were worth $597,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Pinnacle Bank bought a new position in shares of Cummins during the first quarter worth approximately $105,000. Cohen Capital Management Inc. acquired a new position in Cummins during the first quarter valued at approximately $121,000. First Manhattan Co. boosted its position 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 during the period. First Interstate Bank boosted its position 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 during the period. Finally, Harbour Capital Advisors LLC acquired a new position in Cummins during the first quarter valued at approximately $150,000. Institutional investors own 80.15% of the company’s stock.
Shares of Cummins Inc. (NYSE CMI) traded up 0.87% on Friday, reaching $167.22. 858,063 shares of the company were exchanged. The firm has a market capitalization of $27.98 billion, a PE ratio of 19.17 and a beta of 1.08. The company’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 $170.68.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 2nd. The company reported $2.36 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.55. The firm had revenue of $4.59 billion during the quarter, compared to the consensus estimate of $4.15 billion. Cummins had a net margin of 8.25% and a return on equity of 20.87%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the company earned $1.87 earnings per share. Analysts forecast that Cummins Inc. will post $7.98 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is currently 46.96%.
CMI has been the topic of several research reports. Barclays PLC set a $137.00 price objective on Cummins and gave the company a “hold” rating in a research note on Saturday, April 1st. Seaport Global Securities initiated coverage on Cummins in a research note on Thursday, April 6th. They set a “neutral” rating on the stock. Deutsche Bank AG upped their price objective on Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a research note on Thursday, April 6th. Stifel Nicolaus reaffirmed a “hold” rating and set a $150.00 target price on shares of Cummins in a report on Wednesday, April 12th. Finally, Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $167.00 target price for the company in a report on Wednesday, April 12th. 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 company. Cummins 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 company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total transaction of $845,000.00. Following the completion of the sale, the chief financial officer now directly owns 245 shares in the company, valued at approximately $41,405. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total transaction of $676,000.00. Following the sale, the insider now owns 41,902 shares of the company’s stock, valued at $7,081,438. The disclosure for this sale can be found here. In the last three months, insiders sold 91,176 shares of company stock valued at $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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