Chevy Chase Trust Holdings Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 1.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 130,307 shares of the company’s stock after selling 1,330 shares during the quarter. Chevy Chase Trust Holdings Inc. owned about 0.08% of Cummins worth $17,331,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in CMI. BlackRock Inc. raised its position in shares of Cummins by 4.0% in the 1st quarter. BlackRock Inc. now owns 12,138,618 shares of the company’s stock valued at $1,967,548,000 after purchasing an additional 463,368 shares during the last quarter. Millennium Management LLC raised its position in shares of Cummins by 92.7% in the 1st quarter. Millennium Management LLC now owns 736,626 shares of the company’s stock valued at $119,400,000 after purchasing an additional 354,266 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Cummins by 19.4% in the 1st quarter. Wells Fargo & Company MN now owns 1,972,366 shares of the company’s stock valued at $319,699,000 after purchasing an additional 320,872 shares during the last quarter. Mackay Shields LLC purchased a new position in shares of Cummins in the 1st quarter valued at approximately $48,754,000. Finally, Federated Investors Inc. PA raised its position in shares of Cummins by 1,486.5% in the 1st quarter. Federated Investors Inc. PA now owns 235,711 shares of the company’s stock valued at $38,207,000 after purchasing an additional 220,854 shares during the last quarter. 81.14% of the stock is owned by hedge funds and other institutional investors.
Cummins opened at $142.02 on Friday, according to Marketbeat Ratings. Cummins Inc. has a 12-month low of $129.90 and a 12-month high of $194.18. The company has a quick ratio of 1.03, a current ratio of 1.61 and a debt-to-equity ratio of 0.19. The company has a market cap of $23.66 billion, a price-to-earnings ratio of 10.89, a price-to-earnings-growth ratio of 0.83 and a beta of 1.11.
Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.63 by ($0.31). Cummins had a return on equity of 26.30% and a net margin of 4.67%. The business had revenue of $6.13 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same period in the prior year, the business posted $2.53 earnings per share. The business’s quarterly revenue was up 20.8% compared to the same quarter last year. analysts expect that Cummins Inc. will post 14.91 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Wednesday, August 22nd will be issued a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 3.21%. This is a positive change from Cummins’s previous quarterly dividend of $1.08. The ex-dividend date of this dividend is Tuesday, August 21st. Cummins’s payout ratio is 40.68%.
Several equities analysts recently commented on CMI shares. Wells Fargo & Co set a $158.00 price objective on shares of Cummins and gave the company a “hold” rating in a research report on Wednesday, August 1st. Credit Suisse Group decreased their price objective on shares of Cummins from $205.00 to $175.00 and set an “outperform” rating for the company in a research report on Wednesday, May 2nd. UBS Group lowered shares of Cummins from a “neutral” rating to a “sell” rating and set a $136.00 price objective for the company. in a research report on Tuesday, May 1st. Stifel Nicolaus decreased their price objective on shares of Cummins from $180.00 to $174.00 and set a “hold” rating for the company in a research report on Wednesday, May 2nd. Finally, Oppenheimer decreased their price objective on shares of Cummins from $207.00 to $192.00 and set an “outperform” rating for the company in a research report on Wednesday, May 2nd. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the stock. Cummins has a consensus rating of “Hold” and an average price target of $166.95.
In other news, Director Alexis M. Herman sold 735 shares of Cummins stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total transaction of $102,826.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Tracy A. Embree sold 462 shares of Cummins stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $141.70, for a total transaction of $65,465.40. Following the transaction, the vice president now directly owns 4,122 shares of the company’s stock, valued at $584,087.40. The disclosure for this sale can be found here. 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 worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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