Cummins Inc. (CMI) Stake Decreased by Marietta Wealth Management LLC
Marietta Wealth Management LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 11.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,602 shares of the company’s stock after selling 471 shares during the period. Marietta Wealth Management LLC’s holdings in Cummins were worth $584,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in CMI. Massmutual Trust Co. FSB ADV increased its stake in shares of Cummins by 65.8% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 17,797 shares of the company’s stock worth $2,691,000 after purchasing an additional 7,062 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Cummins by 39.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,006,014 shares of the company’s stock worth $303,309,000 after purchasing an additional 563,279 shares during the last quarter. Comerica Bank increased its stake in shares of Cummins by 0.5% during the 1st quarter. Comerica Bank now owns 51,234 shares of the company’s stock worth $7,739,000 after purchasing an additional 275 shares during the last quarter. Trust Co. of Vermont increased its stake in shares of Cummins by 6.1% during the 1st quarter. Trust Co. of Vermont now owns 2,870 shares of the company’s stock worth $434,000 after purchasing an additional 165 shares during the last quarter. Finally, Xact Kapitalforvaltning AB increased its stake in shares of Cummins by 10.1% during the 1st quarter. Xact Kapitalforvaltning AB now owns 13,907 shares of the company’s stock worth $2,103,000 after purchasing an additional 1,272 shares during the last quarter. Institutional investors own 80.38% of the company’s stock.
Several research firms have recently weighed in on CMI. Zacks Investment Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $186.00 price objective on the stock in a research note on Friday, September 15th. Jefferies Group LLC restated a “hold” rating and set a $165.00 price objective (up from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. Stifel Nicolaus restated a “hold” rating and set a $168.00 price objective (up from $160.00) on shares of Cummins in a research note 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 lowered their price objective on shares of Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $161.15.
In other news, COO Richard Joseph Freeland sold 22,550 shares of the company’s stock in a transaction dated Thursday, July 6th. The shares were 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 owns 14,131 shares of the company’s stock, valued at approximately $2,331,615. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Pat Ward sold 5,000 shares of the company’s 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 sale, the chief financial officer now directly owns 245 shares of the company’s stock, valued at approximately $41,405. The disclosure for this sale can be found here. Insiders have sold a total of 44,183 shares of company stock worth $7,320,858 in the last 90 days. Company insiders own 0.62% of the company’s stock.
Cummins Inc. (NYSE:CMI) traded up 0.38% during mid-day trading on Wednesday, reaching $168.14. 199,278 shares of the company’s stock were exchanged. The company has a 50-day moving average of $158.40 and a 200-day moving average of $157.01. Cummins Inc. has a 52-week low of $119.41 and a 52-week high of $170.68. The stock has a market cap of $28.08 billion, a price-to-earnings ratio of 19.01 and a beta of 1.10.
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 company had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. Cummins’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.40 EPS. Equities research analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were paid a dividend of $1.08 per share. The ex-dividend date was Wednesday, August 16th. This represents a $4.32 annualized dividend and a yield of 2.58%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 48.76%.
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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