City Holding Co. boosted its position in Cummins Inc. (NYSE:CMI) by 13.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 7,663 shares of the company’s stock after acquiring an additional 920 shares during the period. City Holding Co.’s holdings in Cummins were worth $1,019,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CMI. Boston Partners grew its stake in Cummins by 45.4% in the 2nd quarter. Boston Partners now owns 4,918,989 shares of the company’s stock worth $654,225,000 after acquiring an additional 1,534,792 shares during the period. LSV Asset Management grew its stake in Cummins by 76.6% in the 2nd quarter. LSV Asset Management now owns 1,800,245 shares of the company’s stock worth $239,432,000 after acquiring an additional 781,118 shares during the period. BlackRock Inc. grew its stake in Cummins by 4.0% in the 1st quarter. BlackRock Inc. now owns 12,138,618 shares of the company’s stock worth $1,967,548,000 after acquiring an additional 463,368 shares during the period. Renaissance Technologies LLC grew its stake in Cummins by 134.3% in the 2nd quarter. Renaissance Technologies LLC now owns 780,300 shares of the company’s stock worth $103,780,000 after acquiring an additional 447,336 shares during the period. Finally, Millennium Management LLC grew its stake in Cummins by 92.7% in the 1st quarter. Millennium Management LLC now owns 736,626 shares of the company’s stock worth $119,400,000 after acquiring an additional 354,266 shares during the period. 79.22% of the stock is owned by hedge funds and other institutional investors.

Shares of CMI opened at $144.49 on Tuesday. The firm has a market capitalization of $23.60 billion, a price-to-earnings ratio of 13.61, a P/E/G ratio of 0.83 and a beta of 1.15. Cummins Inc. has a fifty-two week low of $129.90 and a fifty-two week high of $194.18. The company has a current ratio of 1.61, a quick ratio of 1.03 and a debt-to-equity ratio of 0.19.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.63 by ($0.31). The company had revenue of $6.13 billion during the quarter, compared to analyst estimates of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. The firm’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.53 EPS. sell-side analysts forecast that Cummins Inc. will post 14.94 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Wednesday, August 22nd were issued a dividend of $1.14 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.08. The ex-dividend date was Tuesday, August 21st. This represents a $4.56 annualized dividend and a dividend yield of 3.16%. Cummins’s payout ratio is presently 42.94%.

Several research firms have commented on CMI. Stifel Nicolaus set a $156.00 target price on shares of Cummins and gave the stock a “buy” rating in a research note on Monday, September 10th. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday, September 3rd. JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $156.00 to $137.00 in a research note on Friday, August 24th. Bank of America lifted their target price on shares of Cummins from $154.00 to $157.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 1st. Finally, Credit Suisse Group lowered their target price on shares of Cummins from $175.00 to $171.00 and set an “outperform” rating for the company in a research note on Wednesday, August 1st. Four investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $165.10.

In related news, VP Tracy A. Embree sold 462 shares of Cummins stock in a transaction on Monday, August 6th. The shares were sold at an average price of $141.70, for a total transaction of $65,465.40. Following the transaction, the vice president now owns 4,122 shares in the company, valued at approximately $584,087.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexis M. Herman sold 735 shares of Cummins stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total transaction of $102,826.50. The disclosure for this sale can be found here. Insiders own 0.67% of the company’s stock.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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