Cummins Inc. (CMI) Shares Bought by IFP Advisors Inc
IFP Advisors Inc raised its stake in Cummins Inc. (NYSE:CMI) by 9.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 11,032 shares of the company’s stock after buying an additional 998 shares during the period. IFP Advisors Inc’s holdings in Cummins were worth $1,790,000 at the end of the most recent quarter.
Several other institutional investors have also bought and sold shares of the company. Pinnacle Bank acquired a new position in Cummins during the first quarter valued at $105,000. Carroll Financial Associates Inc. boosted its position 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. Cohen Capital Management Inc. purchased a new position in Cummins during the first quarter valued at approximately $121,000. First Manhattan Co. boosted its position in 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 during the period. Finally, First Interstate Bank boosted its position 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. 80.34% of the stock is owned by institutional investors and hedge funds.
Shares of Cummins Inc. (NYSE CMI) opened at 155.65 on Friday. The stock has a 50 day moving average of $162.65 and a 200-day moving average of $155.23. Cummins Inc. has a 52-week low of $116.03 and a 52-week high of $170.68. The firm has a market capitalization of $25.99 billion, a P/E ratio of 17.59 and a beta of 1.09.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by $0.05. The firm 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 quarter in the prior year, the company earned $2.40 earnings per share. Equities analysts expect 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 given a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.78%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio (DPR) is 46.28%.
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Several equities analysts have commented on CMI shares. Wells Fargo & Company raised Cummins from a “market perform” rating to an “outperform” rating in a report on Monday, April 17th. Piper Jaffray Companies lowered Cummins from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $160.00 to $144.00 in a research note on Tuesday, April 18th. Barclays PLC increased their price target on Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 19th. Jefferies Group LLC restated a “hold” rating and set a $160.00 price target (up from $150.00) on shares of Cummins in a research report on Tuesday, May 2nd. Finally, Stifel Nicolaus restated a “hold” rating and set a $155.00 price target (up from $150.00) on shares of Cummins in a research report on Wednesday, May 3rd. One 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 company presently has a consensus rating of “Hold” and a consensus price target of $156.21.
In other Cummins news, Director Georgia R. Nelson sold 1,086 shares of the firm’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total value of $169,524.60. Following the sale, the director now owns 16,512 shares of the company’s stock, valued at approximately $2,577,523.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Richard Joseph Freeland sold 22,550 shares of the firm’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 directly owns 14,131 shares in the company, valued at approximately $2,331,615. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,969 shares of company stock worth $10,053,755. Corporate 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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