Cummins Inc. (CMI) Shares Sold by Weybosset Research & Management LLC
Weybosset Research & Management LLC cut its stake in Cummins Inc. (NYSE:CMI) by 1.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 40,659 shares of the company’s stock after selling 404 shares during the period. Cummins comprises about 4.2% of Weybosset Research & Management LLC’s holdings, making the stock its 9th largest position. Weybosset Research & Management LLC’s holdings in Cummins were worth $6,596,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in CMI. Pinnacle Bank bought a new stake in shares of Cummins during the first quarter valued at approximately $105,000. Carroll Financial Associates Inc. boosted its stake 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 during the last quarter. Cohen Capital Management Inc. bought a new stake in shares of Cummins during the first quarter valued at approximately $121,000. First Manhattan Co. boosted its stake 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 during the last quarter. Finally, First Interstate Bank boosted its stake 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 during the last quarter. Institutional investors and hedge funds own 80.34% of the company’s stock.
Cummins Inc. (CMI) opened at 155.65 on Friday. The company has a market capitalization of $25.99 billion, a P/E ratio of 17.59 and a beta of 1.09. The company’s 50-day moving average is $162.65 and its 200 day moving average is $155.23. Cummins Inc. has a one year low of $116.03 and a one year high of $170.68.
Cummins (NYSE:CMI) last posted 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 analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.40 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current year.
The company 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 dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a yield of 2.78%. Cummins’s payout ratio is 46.28%.
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Several brokerages have commented on CMI. Barclays PLC boosted their price target on shares of Cummins from $137.00 to $144.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Deutsche Bank AG boosted their price target on shares of Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research note on Tuesday, July 4th. ValuEngine cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Thursday, July 20th. Finally, Wells Fargo & Company upgraded shares of Cummins from a “market perform” rating to an “outperform” rating in a research note on Monday, April 17th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $156.21.
In other Cummins news, CFO Pat Ward sold 5,000 shares of Cummins stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $169.00, for a total transaction of $845,000.00. Following the transaction, the chief financial officer now directly owns 245 shares of the company’s stock, valued at $41,405. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of Cummins stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $156.10, for a total transaction of $169,524.60. Following the transaction, the director now directly owns 16,512 shares in the company, valued at $2,577,523.20. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock worth $10,053,755 over the last ninety days. 0.62% of the stock is 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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