MML Investors Services LLC Acquires 713 Shares of Cummins Inc. (CMI)
MML Investors Services LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,217 shares of the company’s stock after buying an additional 713 shares during the period. MML Investors Services LLC’s holdings in Cummins were worth $2,306,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Carroll Financial Associates Inc. boosted its stake in shares of Cummins by 13.4% during 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 acquired a new stake in shares of Cummins during the second quarter worth about $137,000. First Interstate Bank boosted its stake in shares of Cummins by 26.3% during 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 acquired a new stake in shares of Cummins during the second quarter worth about $146,000. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Cummins during the first quarter worth about $150,000. Institutional investors and hedge funds own 80.38% of the company’s stock.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the business’s 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 sale, the director now directly owns 5,814 shares in the company, valued at approximately $925,995.78. The transaction was disclosed in a legal 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 business’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 14,131 shares in the company, valued at $2,331,615. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,183 shares of company stock valued at $7,320,858. Company insiders own 0.62% of the company’s stock.
Shares of Cummins Inc. (NYSE:CMI) traded up 0.8892% on Friday, reaching $167.9604. 194,085 shares of the company’s stock were exchanged. Cummins Inc. has a 1-year low of $119.41 and a 1-year high of $170.68. The company has a market capitalization of $28.05 billion, a P/E ratio of 18.9850 and a beta of 1.10. The stock’s 50-day moving average price is $158.40 and its 200-day moving average price is $157.01.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing analysts’ consensus estimates of $2.58 by ($0.05). The company had revenue of $5.08 billion during 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 company’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.40 earnings per share. Analysts anticipate that Cummins Inc. will post $7.98 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were paid a $1.08 dividend. 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 dividend yield of 2.59%. The ex-dividend date of this dividend was Wednesday, August 16th. Cummins’s dividend payout ratio is currently 48.76%.
Several equities research analysts have recently weighed in on the stock. Deutsche Bank AG increased their target price on shares of 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 downgraded shares of 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 target price on shares of Cummins in a research note on Thursday, September 7th. ValuEngine downgraded shares of 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 target price on shares of Cummins in a research note on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $161.21.
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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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