Ingalls & Snyder LLC Has $221,000 Position in Cummins Inc. (NYSE:CMI)
Ingalls & Snyder LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 6.8% during the second quarter, Holdings Channel reports. The fund owned 1,361 shares of the company’s stock after selling 100 shares during the period. Ingalls & Snyder LLC’s holdings in Cummins were worth $221,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Pinnacle Bank bought a new stake in shares of Cummins during the first quarter valued at approximately $105,000. 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 valued at $113,000 after buying an additional 83 shares in the last quarter. Cohen Capital Management Inc. bought a new stake in shares of Cummins during the first quarter valued at approximately $121,000. 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 valued at $141,000 after buying an additional 194 shares in the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Cummins during the first quarter valued at approximately $150,000. Institutional investors and hedge funds own 80.34% of the company’s stock.
Cummins Inc. (NYSE:CMI) opened at 155.83 on Friday. Cummins Inc. has a 12 month low of $116.03 and a 12 month high of $170.68. The firm’s 50-day moving average is $162.75 and its 200 day moving average is $155.12. The stock has a market capitalization of $26.02 billion, a P/E ratio of 17.61 and a beta of 1.09.
Cummins (NYSE:CMI) last issued its 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 business had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the company posted $2.40 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post $7.98 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.77%. This is a boost from Cummins’s previous quarterly dividend of $1.03. The ex-dividend date is Wednesday, August 16th. Cummins’s dividend payout ratio is 46.28%.
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Several equities research analysts recently commented on the stock. ValuEngine lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Piper Jaffray Companies reiterated a “hold” rating and set a $161.00 price target on shares of Cummins in a research note on Wednesday, July 12th. Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 price target on shares of Cummins in a research note on Wednesday, July 12th. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Seaport Global Securities reiterated a “neutral” rating on shares of Cummins in a research note on Tuesday, July 4th. One equities research 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 company presently has an average rating of “Hold” and an average price target of $156.21.
In other Cummins news, VP Anant Talaulicar sold 1,650 shares of the stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total transaction of $259,875.00. Following the sale, the vice president now directly owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Richard Joseph Freeland sold 22,550 shares of the stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $165.00, for a total transaction of $3,720,750.00. Following the sale, the chief operating officer now directly owns 14,131 shares in the company, valued at $2,331,615. The disclosure for this sale can be found here. Insiders have sold 60,969 shares of company stock worth $10,053,755 over the last three months. 0.62% of the stock is owned by corporate insiders.
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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