Opus Investment Management Inc. Has $1,979,000 Stake in Cummins Inc. (NYSE:CMI)
Opus Investment Management Inc. maintained its position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,200 shares of the company’s stock at the end of the second quarter. Opus Investment Management Inc.’s holdings in Cummins were worth $1,979,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the company. Gateway Investment Advisers LLC boosted its position in shares of Cummins by 1.8% in the first quarter. Gateway Investment Advisers LLC now owns 172,580 shares of the company’s stock worth $26,094,000 after buying an additional 3,038 shares in the last quarter. Capital Investment Advisors LLC boosted its position in shares of Cummins by 17.8% in the first quarter. Capital Investment Advisors LLC now owns 34,274 shares of the company’s stock worth $5,182,000 after buying an additional 5,179 shares in the last quarter. Cohen Capital Management Inc. bought a new position in shares of Cummins during the first quarter worth approximately $121,000. Farmers & Merchants Investments Inc. boosted its position in shares of Cummins by 2.3% in the first quarter. Farmers & Merchants Investments Inc. now owns 9,242 shares of the company’s stock worth $1,397,000 after buying an additional 209 shares in the last quarter. Finally, Beese Fulmer Investment Management Inc. boosted its position in shares of Cummins by 0.8% in the first quarter. Beese Fulmer Investment Management Inc. now owns 31,682 shares of the company’s stock worth $4,790,000 after buying an additional 244 shares in the last quarter. 80.34% of the stock is currently owned by institutional investors.
Cummins Inc. (CMI) opened at 155.83 on Friday. The stock’s 50 day moving average price is $162.75 and its 200-day moving average price is $155.12. Cummins Inc. has a 12 month low of $116.03 and a 12 month high of $170.68. The stock has a market cap of $26.02 billion, a price-to-earnings ratio of 17.61 and a beta of 1.09.
Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the consensus estimate of $2.58 by $0.05. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The company had revenue of $5.08 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same quarter last year, the company earned $2.40 EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post $7.98 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. Cummins’s dividend payout ratio is 46.28%.
A number of equities analysts recently commented on the company. ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $161.00 target price on shares of Cummins in a report on Wednesday, July 12th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $166.00 target price on shares of Cummins in a report on Wednesday, July 12th. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Finally, Seaport Global Securities reaffirmed a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $156.21.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total transaction of $260,087.91. Following the completion of the transaction, the director now owns 5,814 shares in the company, valued at approximately $925,995.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $156.10, for a total transaction of $169,524.60. Following the transaction, the director now owns 16,512 shares of the company’s stock, valued at approximately $2,577,523.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 60,969 shares of company stock valued at $10,053,755. Insiders own 0.62% of the company’s stock.
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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