CIBC Asset Management Inc Purchases 101 Shares of Cummins Inc. (CMI)
CIBC Asset Management Inc boosted its position in shares of Cummins Inc. (NYSE:CMI) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,230 shares of the company’s stock after buying an additional 101 shares during the period. CIBC Asset Management Inc’s holdings in Cummins were worth $2,471,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Pinnacle Bank purchased a new position in shares of Cummins during the first quarter worth approximately $105,000. Carroll Financial Associates Inc. boosted its stake in shares of Cummins by 13.4% in 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 during the period. Cohen Capital Management Inc. bought a new stake in shares of Cummins during the first quarter worth $121,000. First Interstate Bank boosted its stake in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after buying an additional 194 shares during the period. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Cummins during the first quarter worth $150,000. Institutional investors and hedge funds own 80.34% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) opened at 159.40 on Thursday. The company has a market cap of $26.62 billion, a PE ratio of 18.02 and a beta of 1.09. The stock’s 50 day moving average price is $162.85 and its 200 day moving average price is $155.12. Cummins Inc. has a one year low of $116.03 and a one year high of $170.68.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the consensus estimate of $2.58 by $0.05. The company 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 for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the company earned $2.40 earnings per share. Equities analysts predict that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be paid a $1.08 dividend. The ex-dividend date of this dividend is Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a dividend yield of 2.71%. Cummins’s dividend payout ratio is 46.28%.
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A number of brokerages have weighed in on CMI. Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 price target on shares of Cummins in a research report on Thursday, August 3rd. Stifel Nicolaus upped their price target on Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Wednesday, August 2nd. Jefferies Group LLC reiterated a “hold” rating and issued a $165.00 price target (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. Deutsche Bank AG lowered their price target on Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a research report on Wednesday, August 2nd. Finally, Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $177.00 price target on the stock in a research report on Friday, August 4th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $156.21.
In other news, VP Anant Talaulicar sold 1,650 shares of the stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $157.50, for a total value of $259,875.00. Following the completion of the sale, the vice president now directly owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of the stock in a transaction that occurred on Thursday, May 25th. The stock was sold at an average price of $156.10, for a total value of $169,524.60. Following the completion of the sale, the director now directly owns 16,512 shares of the company’s stock, valued at $2,577,523.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,336 shares of company stock valued at $9,793,667. Company insiders own 0.62% of the company’s stock.
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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