BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in Cummins Inc. (NYSE:CMI) by 1.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 121,590 shares of the company’s stock after selling 1,908 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.07% of Cummins worth $19,724,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. BlackRock Inc. boosted 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 in the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 worth $303,309,000 after buying an additional 563,279 shares in the last quarter. Vanguard Group Inc. boosted 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 in the last quarter. UBS Group AG boosted its position in shares of Cummins by 118.2% in the first quarter. UBS Group AG now owns 755,368 shares of the company’s stock worth $114,211,000 after buying an additional 409,168 shares in the last quarter. Finally, American Century Companies Inc. boosted 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 in the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.
Cummins Inc. (CMI) opened at 150.79 on Friday. The company’s 50 day moving average is $161.81 and its 200-day moving average is $155.47. Cummins Inc. has a 1-year low of $116.03 and a 1-year high of $170.68. The firm has a market cap of $25.18 billion, a price-to-earnings ratio of 17.04 and a beta of 1.09.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the company posted $2.40 earnings per share. Cummins’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, analysts predict 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. Stockholders of record on Friday, August 18th will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.86%. This is a positive change from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. Cummins’s dividend payout ratio is presently 48.76%.
CMI has been the topic of a number of recent research reports. ValuEngine raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Stifel Nicolaus raised their target price on shares of Cummins from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Thursday, June 15th. Deutsche Bank AG reissued a “sell” rating and issued a $154.00 target price (up previously from $142.00) on shares of Cummins in a report on Wednesday, May 3rd. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 target price on the stock. in a report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company. Cummins has a consensus rating of “Hold” and an average target price of $156.21.
In other news, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total transaction of $658,000.00. Following the transaction, the insider now directly owns 41,902 shares in the company, valued at $6,892,879. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total transaction of $169,524.60. Following the transaction, the director now owns 16,512 shares in the company, valued at $2,577,523.20. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock worth $10,053,755 over the last quarter. 0.62% of the stock is owned by company 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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