Cummins Inc. (CMI) Position Decreased by Arrow Financial Corp
Arrow Financial Corp cut its stake in shares of Cummins Inc. (NYSE:CMI) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,505 shares of the company’s stock after selling 298 shares during the period. Arrow Financial Corp’s holdings in Cummins were worth $2,354,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. Carroll Financial Associates Inc. raised its position in shares of 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 in the last quarter. Cohen Capital Management Inc. acquired a new position in shares of Cummins during the first quarter valued at $121,000. First Manhattan Co. raised its position in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock valued at $127,000 after buying an additional 40 shares in the last quarter. First Interstate Bank raised its position in shares of 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 in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Cummins during the first quarter valued at $150,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.
Cummins Inc. (NYSE:CMI) opened at 155.59 on Wednesday. The firm has a market capitalization of $25.98 billion, a PE ratio of 17.59 and a beta of 1.09. Cummins Inc. has a one year low of $116.03 and a one year high of $170.68. The stock’s 50 day moving average price is $162.48 and its 200 day moving average price is $155.48.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the business earned $2.40 earnings per share. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts expect that Cummins Inc. will post $7.98 EPS for the current year.
The firm 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 dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.78%. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date is Wednesday, August 16th. Cummins’s dividend payout ratio (DPR) is 46.28%.
Several brokerages recently weighed in on CMI. Barclays PLC lifted their price target on Cummins from $137.00 to $144.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. Deutsche Bank AG lifted their price target on Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a research note on Tuesday, July 4th. ValuEngine lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $185.00 price target for the company in a research note on Thursday, July 20th. Finally, Goldman Sachs Group, Inc. (The) cut Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective on the stock. in a report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Cummins currently has a consensus rating of “Hold” and an average price target of $156.21.
In related news, CFO Pat Ward sold 14,050 shares of the firm’s stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $163.95, for a total transaction of $2,303,497.50. Following the sale, the chief financial officer now owns 13,395 shares in the company, valued at $2,196,110.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Richard Joseph Freeland sold 22,550 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer now owns 14,131 shares in the company, valued at approximately $2,331,615. The disclosure for this sale can be found here. Over the last three months, insiders have sold 60,969 shares of company stock valued at $10,053,755. Corporate insiders own 0.62% of the company’s stock.
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.
Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).
Receive News & Ratings for Cummins Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.