Cummins Inc. (CMI) Shares Sold by Virtu KCG Holdings LLC
Virtu KCG Holdings LLC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 88.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,825 shares of the company’s stock after selling 42,672 shares during the period. Virtu KCG Holdings LLC’s holdings in Cummins were worth $945,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in CMI. BlackRock Inc. raised 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 worth $1,543,924,000 after buying an additional 9,867,890 shares in the last quarter. AJO LP boosted its position in Cummins by 11,096.3% during the 2nd quarter. AJO LP now owns 1,149,856 shares of the company’s stock valued at $186,530,000 after acquiring an additional 1,139,586 shares in the last quarter. Franklin Resources Inc. boosted its position in Cummins by 434.1% during the 2nd quarter. Franklin Resources Inc. now owns 1,380,233 shares of the company’s stock valued at $223,902,000 after acquiring an additional 1,121,833 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Cummins by 82.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,969,135 shares of the company’s stock valued at $319,426,000 after acquiring an additional 890,404 shares in the last quarter. Finally, FMR LLC boosted its position in Cummins by 43.8% during the 2nd quarter. FMR LLC now owns 1,989,718 shares of the company’s stock valued at $322,772,000 after acquiring an additional 606,085 shares in the last quarter. Institutional investors own 80.38% of the company’s stock.
In other news, insider Tony Satterthwaite sold 4,000 shares of Cummins stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total value of $676,000.00. Following the completion of the sale, the insider now directly owns 41,902 shares of the company’s stock, valued at $7,081,438. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Pat Ward sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total value of $845,000.00. Following the completion of the sale, the chief financial officer now owns 245 shares in the company, valued at approximately $41,405. The disclosure for this sale can be found here. Insiders sold 44,183 shares of company stock worth $7,320,858 in the last ninety days. 0.62% of the stock is currently owned by corporate insiders.
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Shares of Cummins Inc. (NYSE CMI) opened at 169.33 on Tuesday. The company has a market cap of $28.28 billion, a P/E ratio of 19.14 and a beta of 1.13. Cummins Inc. has a 1-year low of $121.22 and a 1-year high of $170.68. The stock’s 50 day moving average is $160.90 and its 200 day moving average is $158.05.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). The business had revenue of $5.08 billion for 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 posted $2.40 earnings per share. On average, analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
A number of brokerages have recently commented on CMI. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $188.00 price target on the stock in a research report on Monday. Jefferies Group LLC restated a “hold” rating and set a $165.00 price target (up from $160.00) on shares of Cummins in a report on Wednesday, August 2nd. Stifel Nicolaus reissued a “hold” rating and set a $168.00 price objective (up from $160.00) on shares of Cummins in a research report on Tuesday, August 8th. Piper Jaffray Companies restated a “hold” rating and set a $159.00 price objective on shares of Cummins in a research note on Thursday, August 3rd. Finally, Deutsche Bank AG reduced their price target on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $162.02.
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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