Intellectus Partners LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 0.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,769 shares of the company’s stock after selling 13 shares during the period. Intellectus Partners LLC’s holdings in Cummins were worth $449,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. State Street Corp raised its position in shares of Cummins by 0.5% during the 1st quarter. State Street Corp now owns 12,238,897 shares of the company’s stock valued at $1,850,515,000 after acquiring an additional 61,286 shares in the last quarter. Vanguard Group Inc. grew its stake in Cummins by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 11,614,316 shares of the company’s stock worth $1,884,074,000 after buying an additional 298,352 shares during the last quarter. BlackRock Inc. grew its stake in Cummins by 4.1% during the 2nd quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after buying an additional 422,135 shares during the last quarter. American International Group Inc. grew its stake in Cummins by 1.7% during the 1st 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. grew its stake in Cummins by 2.9% during the 2nd quarter. American Century Companies Inc. now owns 2,710,712 shares of the company’s stock worth $439,732,000 after buying an additional 77,116 shares during the last quarter. 80.38% of the stock is currently owned by institutional investors and hedge funds.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 quarter in the previous year, the firm posted $2.40 EPS. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 2.51%. Cummins’s payout ratio is 48.76%.
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A number of research analysts recently commented on the company. Longbow Research downgraded Cummins from a “buy” rating to a “neutral” rating in a research note on Thursday. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $188.00 price objective for the company in a research note on Monday, October 2nd. Wells Fargo & Company upped their price objective on Cummins from $184.50 to $190.00 and gave the stock a “market perform” rating in a research note on Friday, October 6th. Jefferies Group LLC restated a “hold” rating and set a $165.00 price objective (up from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. Finally, Stifel Nicolaus restated a “hold” rating and set a $168.00 price objective (up from $160.00) on shares of Cummins in a research note on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the stock. Cummins presently has a consensus rating of “Hold” and a consensus price target of $164.52.
In other news, insider Jill E. Cook sold 7,000 shares of Cummins stock in a transaction on Monday, July 24th. The stock was sold at an average price of $165.86, for a total value of $1,161,020.00. Following the completion of the sale, the insider now directly owns 9,671 shares of the company’s stock, valued at approximately $1,604,032.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $845,000.00. Following the completion of the sale, the chief financial officer now directly owns 245 shares of the company’s stock, valued at $41,405. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,633 shares of company stock valued at $2,942,108. Corporate insiders own 0.62% of the company’s stock.
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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