Kornitzer Capital Management Inc. KS Cuts Holdings in Cummins Inc. (NYSE:CMI)
Kornitzer Capital Management Inc. KS trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.8% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 22,605 shares of the company’s stock after selling 650 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Cummins were worth $3,873,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of the company. CWM LLC boosted its holdings in shares of Cummins by 82.3% during the second quarter. CWM LLC now owns 1,318 shares of the company’s stock worth $226,000 after purchasing an additional 595 shares during the last quarter. Tocqueville Asset Management L.P. boosted its holdings in Cummins by 48.5% in the second quarter. Tocqueville Asset Management L.P. now owns 4,116 shares of the company’s stock valued at $705,000 after acquiring an additional 1,345 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Cummins by 54.5% in the second quarter. Janus Henderson Group PLC now owns 315,439 shares of the company’s stock valued at $54,043,000 after acquiring an additional 111,320 shares during the last quarter. Cutter & CO Brokerage Inc. acquired a new position in Cummins in the second quarter valued at $377,000. Finally, Advisor Group Inc. lifted its stake in shares of Cummins by 4.1% during the second quarter. Advisor Group Inc. now owns 50,230 shares of the company’s stock worth $8,609,000 after purchasing an additional 1,988 shares in the last quarter. 81.51% of the stock is owned by institutional investors and hedge funds.
CMI stock opened at $147.78 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 1.04. Cummins Inc. has a 52-week low of $124.40 and a 52-week high of $175.91. The company has a 50-day moving average of $165.23 and a two-hundred day moving average of $161.07. The stock has a market capitalization of $23.40 billion, a price-to-earnings ratio of 11.17, a price-to-earnings-growth ratio of 1.19 and a beta of 1.14.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st will be paid a dividend of $1.311 per share. This is a boost from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 annualized dividend and a dividend yield of 3.55%. The ex-dividend date of this dividend is Tuesday, August 20th. Cummins’s dividend payout ratio is 34.47%.
A number of brokerages have commented on CMI. Morgan Stanley reduced their price objective on Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 31st. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective on the stock in a research note on Friday, May 3rd. Evercore ISI restated an “in-line” rating and set a $169.00 price objective (up previously from $163.00) on shares of Cummins in a research note on Friday, May 31st. ValuEngine lowered Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Co dropped their target price on Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a research report on Monday, June 3rd. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. Cummins has an average rating of “Hold” and a consensus price target of $166.67.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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