Amalgamated Bank Raises Holdings in Cummins Inc. (CMI)

Amalgamated Bank boosted its holdings in Cummins Inc. (NYSE:CMI) by 64.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,132 shares of the company’s stock after acquiring an additional 7,101 shares during the quarter. Amalgamated Bank’s holdings in Cummins were worth $2,941,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. BlackRock Inc. raised its position in Cummins by 4.1% in the second quarter. BlackRock Inc. now owns 10,633,275 shares of the company’s stock worth $1,724,930,000 after acquiring an additional 422,135 shares in the last quarter. Captrust Financial Advisors acquired a new stake in Cummins during the 2nd quarter worth about $137,000. Norinchukin Bank The raised its holdings in Cummins by 1.0% during the 2nd quarter. Norinchukin Bank The now owns 22,188 shares of the company’s stock worth $3,599,000 after buying an additional 214 shares during the period. Ameriprise Financial Inc. raised its holdings in Cummins by 82.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock worth $319,426,000 after buying an additional 890,404 shares during the period. Finally, Chemical Bank raised its holdings in Cummins by 4.5% during the 2nd quarter. Chemical Bank now owns 9,330 shares of the company’s stock worth $1,513,000 after buying an additional 405 shares during the period. Hedge funds and other institutional investors own 80.43% of the company’s stock.

In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares in the company, valued at $925,995.78. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Pat Ward sold 14,050 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $163.95, for a total value of $2,303,497.50. Following the completion of the transaction, the chief financial officer now owns 13,395 shares of the company’s stock, valued at $2,196,110.25. The disclosure for this sale can be found here. In the last three months, insiders sold 58,233 shares of company stock worth $9,624,355. 0.62% of the stock is owned by insiders.

Shares of Cummins Inc. (CMI) traded down 0.87% during midday trading on Friday, hitting $165.23. The company had a trading volume of 2,322,073 shares. Cummins Inc. has a 12-month low of $119.04 and a 12-month high of $170.68. The firm has a market capitalization of $27.59 billion, a P/E ratio of 18.68 and a beta of 1.10. The firm’s 50-day moving average is $158.42 and its 200-day moving average is $156.70.

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 net margin of 8.10% and a return on equity of 20.67%. The firm had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the business posted $2.40 EPS. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were given a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend was Wednesday, August 16th. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is currently 48.76%.

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Several analysts have issued reports on CMI shares. ValuEngine upgraded Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Stifel Nicolaus boosted their price objective on Cummins from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Thursday, June 15th. Buckingham Research started coverage on Cummins in a report on Tuesday, September 5th. They set a “buy” rating and a $180.00 price objective on the stock. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Goldman Sachs Group, Inc. (The) downgraded Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective on the stock. in a report on Monday, August 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $161.15.

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.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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