Shell Asset Management Co. held its stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the SEC. The fund owned 9,901 shares of the company’s stock at the end of the second quarter. Shell Asset Management Co.’s holdings in Cummins were worth $1,606,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares during the period. Bank of New York Mellon Corp boosted its stake in Cummins by 39.0% in the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock valued at $303,309,000 after buying an additional 563,279 shares during the period. Vanguard Group Inc. boosted its stake in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock valued at $1,710,973,000 after buying an additional 510,416 shares during the period. UBS Group AG boosted its stake in Cummins by 118.2% in the first quarter. UBS Group AG now owns 755,368 shares of the company’s stock valued at $114,211,000 after buying an additional 409,168 shares during the period. Finally, American Century Companies Inc. boosted its stake in Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock valued at $398,200,000 after buying an additional 402,929 shares during the period. Institutional investors own 80.34% of the company’s stock.
Cummins Inc. (CMI) opened at 160.16 on Monday. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68. The firm has a 50 day moving average of $163.27 and a 200-day moving average of $154.51. The company has a market capitalization of $26.75 billion, a price-to-earnings ratio of 18.10 and a beta of 1.09.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Zacks’ 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 for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter last year, the firm posted $2.40 EPS. The business’s quarterly revenue was up 12.1% on a year-over-year basis. On average, equities research analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.70%. 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 46.28%.
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Several equities research analysts have recently weighed in on CMI shares. Wells Fargo & Company upgraded shares of Cummins from a “market perform” rating to an “outperform” rating in a research report on Monday, April 17th. Piper Jaffray Companies cut shares of Cummins from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $160.00 to $144.00 in a research report on Tuesday, April 18th. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Stifel Nicolaus reissued a “hold” rating and set a $150.00 target price on shares of Cummins in a research note on Wednesday, April 12th. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $167.00 target price on the stock in a research note on Wednesday, April 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $154.33.
In other news, Director Alexis M. Herman sold 1,300 shares of the business’s stock in a transaction 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 in the company, valued at approximately $4,720,048.96. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Tony Satterthwaite sold 4,000 shares of the business’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 in the company, valued at approximately $7,081,438. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,636 shares of company stock worth $10,000,575. Company 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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