Foster & Motley Inc. Takes Position in Cummins Inc. (NYSE:CMI)
Foster & Motley Inc. bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,197 shares of the company’s stock, valued at approximately $519,000.
A number of other institutional investors have also added to or reduced their stakes in CMI. Pinnacle Bank acquired a new position in Cummins during the first quarter valued at $105,000. Carroll Financial Associates Inc. boosted its position in 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 period. Cohen Capital Management Inc. acquired a new position in Cummins during the first quarter valued at $121,000. First Manhattan Co. boosted its position in 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 period. Finally, First Interstate Bank boosted its position in 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 period. 80.34% of the stock is currently owned by institutional investors.
Shares of Cummins Inc. (NYSE:CMI) opened at 155.65 on Friday. The firm has a market capitalization of $25.99 billion, a price-to-earnings ratio of 17.59 and a beta of 1.09. The company has a 50-day moving average price of $162.65 and a 200 day moving average price of $155.23. Cummins Inc. has a 12-month low of $116.03 and a 12-month 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 the Zacks’ consensus estimate of $2.58 by $0.05. The company had revenue of $5.08 billion during 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%. The firm’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 business earned $2.40 earnings per share. Equities research analysts expect that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.78%. This is an increase from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Wednesday, August 16th. Cummins’s dividend payout ratio (DPR) is currently 46.28%.
CMI has been the topic of several research analyst reports. ValuEngine raised Cummins from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research note on Thursday, July 20th. Goldman Sachs Group, Inc. (The) cut Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 target price on the stock. in a research note on Monday, August 7th. Barclays PLC lifted their target price on Cummins from $137.00 to $144.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. Finally, Stifel Nicolaus lifted their target price on Cummins from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Thursday, June 15th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $156.21.
In other news, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the sale, the director now directly owns 5,814 shares of the company’s stock, valued at $925,995.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Anant Talaulicar sold 1,650 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total value of $259,875.00. Following the completion of the sale, the vice president now directly owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 60,969 shares of company stock valued at $10,053,755. Corporate insiders own 0.62% of the company’s stock.
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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