Cummins Inc. (CMI) Holdings Cut by Tudor Investment Corp ET AL
Tudor Investment Corp ET AL cut its holdings in Cummins Inc. (NYSE:CMI) by 29.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 40,000 shares of the company’s stock after selling 16,800 shares during the quarter. Tudor Investment Corp ET AL’s holdings in Cummins were worth $6,489,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Carroll Financial Associates Inc. lifted its stake in Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after buying an additional 83 shares during the period. Captrust Financial Advisors acquired a new position in Cummins in the second quarter valued at approximately $137,000. First Interstate Bank lifted its stake in Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock valued at $141,000 after buying an additional 194 shares during the period. Acrospire Investment Management LLC acquired a new position in Cummins in the second quarter valued at approximately $146,000. Finally, Harbour Capital Advisors LLC acquired a new position in Cummins in the first quarter valued at approximately $150,000. 80.38% of the stock is currently owned by hedge funds and other institutional investors.
In related news, COO Richard Joseph Freeland sold 22,550 shares of the company’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the completion of the sale, the chief operating officer now owns 14,131 shares in the company, valued at $2,331,615. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Pat Ward sold 5,000 shares of the company’s 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 sale, the chief financial officer now owns 245 shares of the company’s stock, valued at approximately $41,405. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,183 shares of company stock valued at $7,320,858. 0.62% of the stock is owned by company insiders.
CMI has been the topic of several recent analyst reports. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 target price on shares of Cummins in a research report on Monday, June 5th. Stifel Nicolaus upped their target price on Cummins from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Thursday, June 15th. Deutsche Bank AG upped their target price on Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research report on Tuesday, July 4th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $161.21.
Cummins Inc. (CMI) traded down 0.18% during midday trading on Friday, reaching $168.03. The company had a trading volume of 755,347 shares. The stock has a market capitalization of $28.06 billion, a PE ratio of 18.99 and a beta of 1.10. Cummins Inc. has a 12-month low of $119.41 and a 12-month high of $170.68. The company has a 50-day moving average of $158.40 and a 200-day moving average of $157.01.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). The firm had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the company posted $2.40 EPS. On average, analysts predict that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date was Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is 48.76%.
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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