Harris Associates L P Sells 1,070,436 Shares of Cummins Inc. (CMI)
Harris Associates L P lowered its stake in Cummins Inc. (NYSE:CMI) by 29.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,589,747 shares of the company’s stock after selling 1,070,436 shares during the quarter. Harris Associates L P owned about 1.55% of Cummins worth $420,109,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Carroll Financial Associates Inc. raised 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 worth $113,000 after buying an additional 83 shares during the period. Captrust Financial Advisors bought a new position in shares of Cummins in the second quarter worth about $137,000. First Interstate Bank raised 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 worth $141,000 after buying an additional 194 shares during the period. Acrospire Investment Management LLC bought a new position in shares of Cummins in the second quarter worth about $146,000. Finally, Harbour Capital Advisors LLC bought a new position in shares of Cummins in the first quarter worth about $150,000. 80.38% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on CMI. Zacks Investment Research downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. Jefferies Group LLC reaffirmed a “hold” rating and issued a $165.00 price objective (up previously from $160.00) on shares of Cummins in a research note on Wednesday, August 2nd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $168.00 price objective (up previously from $160.00) on shares of Cummins in a research note on Tuesday, August 8th. 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. Finally, Deutsche Bank AG decreased their price objective on Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a research note on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $161.21.
In related news, insider Tony Satterthwaite sold 4,000 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 value of $676,000.00. Following the completion of the sale, the insider now owns 41,902 shares of the company’s stock, valued at $7,081,438. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Franklin R. Changdiaz sold 1,633 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were 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 approximately $925,995.78. The disclosure for this sale can be found here. Insiders have sold 44,183 shares of company stock valued at $7,320,858 in the last three months. Insiders own 0.62% of the company’s stock.
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Shares of Cummins Inc. (NYSE:CMI) traded down 0.18% during trading on Friday, hitting $168.03. The stock had a trading volume of 755,347 shares. The firm’s 50-day moving average is $158.40 and its 200 day moving average is $157.01. Cummins Inc. has a 52-week low of $119.41 and a 52-week high of $170.68. The firm has a market cap of $28.06 billion, a price-to-earnings ratio of 18.99 and a beta of 1.10.
Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 1st. The company reported $2.53 EPS for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). Cummins had a net margin of 8.10% and a return on equity of 20.67%. The firm had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the company earned $2.40 EPS. Cummins’s revenue was up 12.1% compared to the same quarter last year. On average, analysts expect that Cummins Inc. will post $7.98 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were issued a dividend of $1.08 per share. The ex-dividend date was Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.57%. This is a boost from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is presently 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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