Cummins Inc. (CMI) Shares Bought by Morse Asset Management Inc
Morse Asset Management Inc boosted its position in Cummins Inc. (NYSE:CMI) by 17.8% during the second quarter, Holdings Channel reports. The institutional investor owned 35,860 shares of the company’s stock after buying an additional 5,410 shares during the period. Cummins accounts for about 1.9% of Morse Asset Management Inc’s holdings, making the stock its 11th largest position. Morse Asset Management Inc’s holdings in Cummins were worth $5,817,000 as of its most recent SEC filing.
Other large investors have also recently bought and sold shares of the company. Global X Management Co. LLC increased its stake in Cummins by 6.2% in the second quarter. Global X Management Co. LLC now owns 4,555 shares of the company’s stock worth $739,000 after buying an additional 266 shares in the last quarter. Seaward Management Limited Partnership purchased a new stake in Cummins during the second quarter worth approximately $243,000. Pineno Levin & Ford Asset Management Inc. purchased a new stake in Cummins during the second quarter worth approximately $212,000. Advisor Partners LLC increased its stake in Cummins by 5.1% in the second quarter. Advisor Partners LLC now owns 3,381 shares of the company’s stock worth $548,000 after buying an additional 164 shares in the last quarter. Finally, British Airways Pensions Investment Management Ltd purchased a new stake in Cummins during the second quarter worth approximately $29,410,000. Institutional investors own 80.66% of the company’s stock.
Shares of Cummins Inc. (CMI) opened at 155.59 on Wednesday. Cummins Inc. has a 12 month low of $116.03 and a 12 month high of $170.68. The stock has a market capitalization of $25.98 billion, a P/E ratio of 17.59 and a beta of 1.09. The firm’s 50-day moving average price is $162.48 and its 200-day moving average price is $155.48.
Cummins (NYSE:CMI) last released its earnings results 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 during 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% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post $7.98 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.78%. This is a positive change from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. Cummins’s dividend payout ratio (DPR) is 46.28%.
A number of equities research analysts recently commented on the company. Stifel Nicolaus reiterated a “hold” rating and issued a $168.00 target price (up from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Goldman Sachs Group, Inc. (The) downgraded Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 target price on the stock. in a research report on Monday, August 7th. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $177.00 target price on the stock in a research report on Friday, August 4th. Piper Jaffray Companies reiterated a “hold” rating and issued a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $165.00 target price (up from $160.00) on shares of Cummins in a research report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $156.21.
In other news, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Anant Talaulicar sold 1,650 shares of Cummins stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total transaction of $259,875.00. Following the sale, the vice president now directly owns 13,029 shares in the company, valued at approximately $2,052,067.50. The disclosure for this sale can be found here. Insiders sold a total of 60,969 shares of company stock worth $10,053,755 over the last three months. 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.
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