Garner Asset Management Corp Buys New Position in Cummins Inc. (CMI)
Garner Asset Management Corp bought a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,529 shares of the company’s stock, valued at approximately $410,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Carroll Financial Associates Inc. raised its stake in shares of Cummins by 13.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after purchasing an additional 83 shares in the last quarter. Captrust Financial Advisors bought a new stake in shares of Cummins during the 2nd quarter worth approximately $137,000. Acrospire Investment Management LLC bought a new stake in shares of Cummins during the 2nd quarter worth approximately $146,000. First Interstate Bank raised its stake in shares of Cummins by 26.3% during the 1st quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after purchasing an additional 194 shares in the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Cummins during the 1st quarter worth approximately $150,000. Hedge funds and other institutional investors own 80.38% of the company’s stock.
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Cummins Inc. (NYSE CMI) traded down 0.18% during midday trading on Friday, reaching $168.03. The company had a trading volume of 755,347 shares. The stock’s 50 day moving average is $158.40 and its 200 day moving average is $157.01. The firm has a market capitalization of $28.06 billion, a price-to-earnings ratio of 18.99 and a beta of 1.10. Cummins Inc. has a 12-month low of $119.41 and a 12-month high of $170.68.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing the Zacks’ consensus estimate of $2.58 by ($0.05). The business had revenue of $5.08 billion for the quarter, compared to the consensus estimate 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 last year, the business posted $2.40 earnings per share. Equities research analysts expect that Cummins Inc. will post $7.98 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were issued a dividend of $1.08 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date of this dividend was Wednesday, August 16th. Cummins’s dividend payout ratio (DPR) is 48.76%.
In related news, CFO Pat Ward sold 5,000 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 transaction of $845,000.00. Following the sale, the chief financial officer now directly owns 245 shares in the company, valued at $41,405. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Franklin R. Changdiaz sold 1,633 shares of Cummins stock in a transaction 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 sale, the director now owns 5,814 shares in the company, valued at $925,995.78. The disclosure for this sale can be found here. Insiders have sold 44,183 shares of company stock worth $7,320,858 over the last quarter. 0.62% of the stock is currently owned by corporate insiders.
A number of equities research analysts have recently issued reports on the company. Deutsche Bank AG upped their price objective on Cummins from $139.00 to $142.00 and gave the stock a “sell” rating in a research note on Tuesday, July 4th. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, August 30th. Jefferies Group LLC reiterated a “hold” rating and set a $165.00 price objective on shares of Cummins in a research note on Thursday, September 7th. ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Piper Jaffray Companies reiterated a “hold” rating and set a $159.00 price objective on shares of Cummins in a research note on Tuesday, September 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $161.96.
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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