Ledyard National Bank continued to hold its position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel reports. The firm owned 2,075 shares of the company’s stock at the end of the second quarter. Ledyard National Bank’s holdings in Cummins were worth $337,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp increased its position in shares of Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after buying an additional 61,286 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares during the last quarter. BlackRock Inc. increased its position in shares of Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares during the last quarter. American International Group Inc. increased its position in shares of Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after buying an additional 59,401 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock worth $398,200,000 after buying an additional 402,929 shares during the last quarter. 79.98% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cummins Inc. (NYSE:CMI) traded up 1.43% during trading on Friday, reaching $160.00. 539,514 shares of the company were exchanged. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68. The firm’s 50 day moving average is $163.27 and its 200 day moving average is $154.51. The firm has a market capitalization of $26.72 billion, a P/E ratio of 18.09 and a beta of 1.09.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter last year, the firm earned $2.40 EPS. Cummins’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The business also recently announced 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 annualized dividend and a yield of 2.74%. The ex-dividend date is Wednesday, August 16th. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is 46.28%.
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CMI has been the topic of a number of research analyst reports. Deutsche Bank AG reissued a “sell” rating and set a $154.00 price objective (up from $142.00) on shares of Cummins in a research report on Wednesday, May 3rd. Royal Bank Of Canada reissued a “hold” rating and set a $166.00 price objective on shares of Cummins in a research report on Monday, June 5th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Piper Jaffray Companies reissued a “hold” rating and set a $159.00 price objective on shares of Cummins in a research report on Thursday. Finally, Stifel Nicolaus boosted their price objective on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $154.83.
In other Cummins news, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $845,000.00. Following the transaction, the chief financial officer now owns 245 shares in the company, valued at $41,405. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexis M. Herman sold 1,300 shares of Cummins stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total value of $206,908.00. Following the completion of the transaction, the director now owns 29,656 shares in the company, valued at approximately $4,720,048.96. The disclosure for this sale can be found here. Insiders sold 60,636 shares of company stock worth $10,000,575 in the last quarter. 0.62% of the stock is owned by 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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