Cummins Inc. (NYSE:CMI) Shares Sold by Lakeview Capital Partners LLC
Lakeview Capital Partners LLC decreased its stake in Cummins Inc. (NYSE:CMI) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,352 shares of the company’s stock after selling 8 shares during the period. Lakeview Capital Partners LLC’s holdings in Cummins were worth $382,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Advisor Partners LLC raised its position in shares of Cummins by 5.1% in the second quarter. Advisor Partners LLC now owns 3,381 shares of the company’s stock valued at $548,000 after buying an additional 164 shares in the last quarter. British Airways Pensions Investment Management Ltd acquired a new position in Cummins during the second quarter worth $29,410,000. Goelzer Investment Management Inc. raised its position in Cummins by 2.7% in the second quarter. Goelzer Investment Management Inc. now owns 2,039 shares of the company’s stock worth $331,000 after buying an additional 54 shares during the period. IFP Advisors Inc raised its position in Cummins by 9.9% in the second quarter. IFP Advisors Inc now owns 11,032 shares of the company’s stock worth $1,790,000 after buying an additional 998 shares during the period. Finally, ARP Americas LLC acquired a new position in Cummins during the second quarter worth $537,000. 80.66% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cummins Inc. (CMI) opened at 156.24 on Tuesday. The stock has a market cap of $26.09 billion, a P/E ratio of 17.66 and a beta of 1.09. The company’s 50-day moving average is $162.57 and its 200-day moving average is $155.42. Cummins Inc. has a 12-month low of $116.03 and a 12-month high of $170.68.
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. On average, 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 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 represents a $4.32 annualized dividend and a yield of 2.76%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is currently 46.28%.
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A number of research firms have weighed in on CMI. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $159.00 price objective on shares of Cummins in a research note on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 price objective (up from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. Stifel Nicolaus raised their price objective on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Deutsche Bank AG dropped 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. Finally, Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $177.00 price objective on the stock in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. Cummins has an average rating of “Hold” and an average price target of $156.21.
In other news, Director Georgia R. Nelson sold 1,086 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total value of $169,524.60. Following the transaction, the director now owns 16,512 shares in the company, valued at approximately $2,577,523.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Pat Ward sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the completion of the transaction, 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 have sold a total of 60,969 shares of company stock worth $10,053,755 in the last 90 days. Company insiders own 0.62% of the company’s stock.
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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