Investec Asset Management LTD boosted its position in shares of Cummins Inc. (NYSE:CMI) by 18.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,690,259 shares of the company’s stock after buying an additional 266,019 shares during the period. Cummins makes up approximately 1.3% of Investec Asset Management LTD’s investment portfolio, making the stock its 17th largest position. Investec Asset Management LTD owned about 1.01% of Cummins worth $274,194,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Carroll Financial Associates Inc. grew its stake in Cummins by 13.4% during the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares in the last quarter. Captrust Financial Advisors acquired a new stake in Cummins during the second quarter worth about $137,000. First Interstate Bank grew its stake in Cummins by 26.3% during the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after buying an additional 194 shares in the last quarter. Harbour Capital Advisors LLC acquired a new stake in Cummins during the first quarter worth about $150,000. Finally, Horrell Capital Management Inc. acquired a new stake in Cummins during the second quarter worth about $164,000. Hedge funds and other institutional investors own 80.43% of the company’s stock.
Cummins Inc. (CMI) traded down 0.87% during mid-day trading on Friday, hitting $165.23. 2,322,073 shares of the stock traded hands. The firm has a market capitalization of $27.59 billion, a P/E ratio of 18.68 and a beta of 1.10. The company has a 50-day moving average of $158.42 and a 200 day moving average of $156.70. Cummins Inc. has a 1-year low of $119.04 and a 1-year high of $170.68.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). The business had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.40 EPS. On average, equities research analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were issued a $1.08 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date was Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a yield of 2.61%. Cummins’s dividend payout ratio is 48.76%.
In other Cummins news, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total value of $658,000.00. Following the completion of the transaction, the insider now owns 41,902 shares in the company, valued at $6,892,879. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction 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 owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 58,233 shares of company stock valued at $9,624,355. 0.62% of the stock is owned by corporate insiders.
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CMI has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Thursday, July 20th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Goldman Sachs Group, Inc. (The) downgraded shares of Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective on the stock. in a research note on Monday, August 7th. Buckingham Research assumed coverage on shares of Cummins in a research note on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price target on the stock. Finally, Jefferies Group LLC restated a “hold” rating and issued a $165.00 price target (up from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Cummins has a consensus rating of “Hold” and an average target price of $161.15.
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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