North American Management Corp Has $597,000 Stake in Cummins Inc. (CMI)

North American Management Corp maintained its position in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the SEC. The firm 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 institutional investors have also bought and sold shares of CMI. Pinnacle Bank acquired a new position in Cummins during the first quarter worth approximately $105,000. World Asset Management Inc increased its position in Cummins by 10.1% in the first quarter. World Asset Management Inc now owns 16,701 shares of the company’s stock worth $2,525,000 after buying an additional 1,528 shares in the last quarter. Private Trust Co. NA acquired a new position in Cummins during the first quarter worth approximately $250,000. Alambic Investment Management L.P. increased its position in Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock worth $365,000 after buying an additional 16 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Cummins by 8.6% in the first quarter. Bank of America Corp DE now owns 780,787 shares of the company’s stock worth $118,055,000 after buying an additional 62,046 shares in the last quarter. Institutional investors own 79.98% of the company’s stock.

Shares of Cummins Inc. (CMI) opened at 160.16 on Friday. The company’s 50 day moving average is $163.27 and its 200 day moving average is $154.51. The firm has a market cap of $26.75 billion, a price-to-earnings ratio of 18.10 and a beta of 1.09. Cummins Inc. has a 52-week low of $116.03 and a 52-week high of $170.68.

Cummins (NYSE:CMI) last posted its quarterly 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 business had revenue of $5.08 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period last year, the firm earned $2.40 EPS. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be given a $1.08 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.70%. 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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A number of equities research analysts have recently issued reports on CMI shares. Deutsche Bank AG reaffirmed a “sell” rating and issued a $154.00 target price (up from $142.00) on shares of Cummins in a report on Wednesday, May 3rd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $150.00 target price on shares of Cummins in a report on Wednesday, April 12th. Wells Fargo & Co raised shares of Cummins from a “market perform” rating to an “outperform” rating in a report on Monday, April 17th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a report on Thursday, July 20th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $154.33.

In related news, Director Alexis M. Herman sold 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $159.16, for a total transaction of $206,908.00. Following the sale, the director now owns 29,656 shares of the company’s stock, valued at approximately $4,720,048.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total transaction of $658,000.00. Following the sale, the insider now directly owns 41,902 shares in the company, valued at approximately $6,892,879. The disclosure for this sale can be found here. In the last three months, insiders sold 60,636 shares of company stock worth $10,000,575. Insiders own 0.62% of the company’s stock.

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.