Cummins Inc. (CMI) Shares Sold by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. cut its position in shares of Cummins Inc. (NYSE:CMI) by 4.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 411,609 shares of the company’s stock after selling 18,382 shares during the period. Cummins makes up 1.3% of Pinnacle Associates Ltd.’s holdings, making the stock its 12th largest position. Pinnacle Associates Ltd. owned 0.25% of Cummins worth $66,771,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. BlackRock Inc. increased its stake in Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock valued at $1,543,924,000 after buying an additional 9,867,890 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Cummins by 39.0% in the first quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock valued at $303,309,000 after buying an additional 563,279 shares during the last quarter. Vanguard Group Inc. increased its stake in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock valued at $1,710,973,000 after buying an additional 510,416 shares during the last quarter. UBS Group AG increased its stake in Cummins by 118.2% in the first quarter. UBS Group AG now owns 755,368 shares of the company’s stock valued at $114,211,000 after buying an additional 409,168 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock valued at $398,200,000 after buying an additional 402,929 shares during the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.
Cummins Inc. (CMI) traded up 0.41% on Friday, reaching $160.03. The company’s stock had a trading volume of 178,063 shares. The firm has a market capitalization of $26.73 billion, a P/E ratio of 18.09 and a beta of 1.09. The firm has a 50-day moving average price of $159.32 and a 200 day moving average price of $155.89. Cummins Inc. has a 52-week low of $116.03 and a 52-week high of $170.68.
Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) 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 analyst estimates of $4.80 billion. During the same quarter last year, the firm posted $2.40 EPS. The company’s revenue was up 12.1% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Wednesday, August 16th. This is a positive change from Cummins’s previous quarterly dividend of $1.03. Cummins’s payout ratio is 48.76%.
CMI has been the subject of several research analyst reports. Deutsche Bank AG increased their price objective on Cummins from $139.00 to $142.00 and gave the company a “sell” rating in a report on Tuesday, July 4th. ValuEngine downgraded Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a report on Thursday, July 20th. Goldman Sachs Group, Inc. (The) downgraded Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 price objective for the company. in a report on Monday, August 7th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $166.00 price objective on shares of Cummins in a report on Monday, June 5th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $156.21.
In other Cummins news, Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the transaction, the director now owns 5,814 shares in the company, valued at approximately $925,995.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Pat Ward sold 14,050 shares of the business’s stock in a transaction on Monday, June 19th. The stock was sold at an average price of $163.95, for a total value of $2,303,497.50. Following the transaction, the chief financial officer now owns 13,395 shares of the company’s stock, valued at approximately $2,196,110.25. The disclosure for this sale can be found here. Insiders have sold a total of 58,233 shares of company stock valued at $9,624,355 in the last quarter. 0.62% of the stock is currently owned by insiders.
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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