Principal Financial Group Inc. Has $157.27 Million Stake in Cummins Inc. (CMI)
Principal Financial Group Inc. raised its position in Cummins Inc. (NYSE:CMI) by 20.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 969,513 shares of the company’s stock after buying an additional 163,536 shares during the period. Principal Financial Group Inc. owned about 0.58% of Cummins worth $157,274,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the company. Johanson Financial Advisors Inc. raised its stake in Cummins by 0.4% in the second quarter. Johanson Financial Advisors Inc. now owns 1,843 shares of the company’s stock worth $303,000 after buying an additional 7 shares in the last quarter. Bessemer Group Inc. raised its stake in Cummins by 1.1% in the second quarter. Bessemer Group Inc. now owns 1,148 shares of the company’s stock worth $187,000 after buying an additional 12 shares in the last quarter. Alambic Investment Management L.P. raised its stake in Cummins by 0.7% in the first quarter. Alambic Investment Management L.P. now owns 2,416 shares of the company’s stock worth $365,000 after buying an additional 16 shares in the last quarter. Texas Yale Capital Corp. raised its stake in Cummins by 1.3% in the second quarter. Texas Yale Capital Corp. now owns 2,016 shares of the company’s stock worth $327,000 after buying an additional 25 shares in the last quarter. Finally, First Interstate Bank raised its stake in Cummins by 2.7% in the second quarter. First Interstate Bank now owns 956 shares of the company’s stock worth $155,000 after buying an additional 25 shares in the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.
Shares of Cummins Inc. (NYSE CMI) opened at 159.38 on Friday. The company has a 50-day moving average of $159.32 and a 200 day moving average of $155.89. Cummins Inc. has a 52-week low of $116.03 and a 52-week high of $170.68. The company has a market capitalization of $26.62 billion, a PE ratio of 18.02 and a beta of 1.09.
Cummins (NYSE:CMI) last posted its quarterly 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. 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 for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.40 earnings per share. Analysts predict that Cummins Inc. will post $7.98 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a yield of 2.71%. 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 (DPR) is presently 48.76%.
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A number of research firms have commented on CMI. Stifel Nicolaus lifted their target price on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 target price on shares of Cummins in a report on Wednesday, July 12th. Zacks Investment Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Piper Jaffray Companies reissued a “hold” rating and issued a $161.00 price target on shares of Cummins in a report on Wednesday, July 12th. Finally, Seaport Global Securities reissued a “neutral” rating on shares of Cummins in a report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $156.21.
In other Cummins news, insider Tony Satterthwaite sold 4,000 shares of the firm’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total value of $658,000.00. Following the completion of the sale, the insider now directly owns 41,902 shares in the company, valued at $6,892,879. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Pat Ward sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $169.00, for a total transaction of $845,000.00. Following the completion of the sale, the chief financial officer now owns 245 shares of the company’s stock, valued at $41,405. The disclosure for this sale can be found here. Insiders sold 58,233 shares of company stock valued at $9,624,355 over the last 90 days. Corporate 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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