Cummins Inc. (CMI) Stake Boosted by Royce & Associates LP
Royce & Associates LP raised its position in Cummins Inc. (NYSE:CMI) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,700 shares of the company’s stock after buying an additional 200 shares during the period. Royce & Associates LP’s holdings in Cummins were worth $978,000 as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Mengis Capital Management Inc. increased its stake in shares of Cummins by 39.7% in the second quarter. Mengis Capital Management Inc. now owns 4,050 shares of the company’s stock worth $455,000 after buying an additional 1,150 shares during the last quarter. Bailard Inc. acquired a new stake in shares of Cummins during the second quarter worth $1,201,000. Stephens Inc. AR increased its stake in shares of Cummins by 11.3% in the second quarter. Stephens Inc. AR now owns 20,070 shares of the company’s stock worth $2,257,000 after buying an additional 2,042 shares during the last quarter. LSV Asset Management increased its stake in shares of Cummins by 1.6% in the second quarter. LSV Asset Management now owns 1,106,546 shares of the company’s stock worth $124,420,000 after buying an additional 17,452 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in shares of Cummins by 140.0% in the second quarter. Janney Montgomery Scott LLC now owns 59,995 shares of the company’s stock worth $6,181,000 after buying an additional 34,998 shares during the last quarter. Hedge funds and other institutional investors own 81.44% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded down 0.10% on Tuesday, reaching $119.17. 600,453 shares of the company were exchanged. The firm has a market capitalization of $20.02 billion, a P/E ratio of 16.32 and a beta of 1.48. Cummins Inc. has a 12-month low of $79.88 and a 12-month high of $127.64. The firm has a 50-day moving average of $123.41 and a 200 day moving average of $115.54.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $2.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.25. The business had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Cummins had a net margin of 6.97% and a return on equity of 19.48%. The business’s revenue was down 9.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.62 earnings per share. On average, equities analysts predict that Cummins Inc. will post $8.14 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Monday, August 22nd were issued a $0.975 dividend. This represents a $3.90 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date was Thursday, August 18th. Cummins’s dividend payout ratio (DPR) is presently 55.93%.
A number of analysts have weighed in on the company. BMO Capital Markets reiterated a “market perform” rating and set a $114.00 price target on shares of Cummins in a report on Monday, September 12th. William Blair set a $110.00 target price on Cummins and gave the company a “hold” rating in a research note on Thursday, September 8th. Deutsche Bank AG began coverage on Cummins in a research note on Tuesday, September 6th. They issued a “sell” rating and a $111.00 target price for the company. Jefferies Group raised their target price on Cummins from $115.00 to $120.00 and gave the company a “hold” rating in a research note on Thursday, September 1st. Finally, Citigroup Inc. raised their target price on Cummins from $115.00 to $120.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $104.37.
In other Cummins news, VP Marsha L. Hunt sold 500 shares of the company’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $126.26, for a total value of $63,130.00. Following the sale, the vice president now owns 2,582 shares in the company, valued at $326,003.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Thaddeus B. Ewald sold 820 shares of the company’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $126.95, for a total transaction of $104,099.00. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by company insiders.
Cummins Inc is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its 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, agricultural and governmental equipment markets.
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